India on Wednesday reduced the rate of basic custom duty and cess imposed on import of various edible oils, effective from Thursday.
The move comes after international prices of soyabean, sunflower seed, crude palm, and RBD Palmolein based edible oils rose substantially.
In two seperate customs notifications on Wednesday, the Ministry of Finance reduced the levy of basic custom duty and the Agriculture Infrastructure and Development Cess on the import of these edible oils.
The changes, according to the notifications, are effective from Thursday and will remain in force up to March 31, 2022.
As per the notification, the levy of basic custom duty has been removed on crude soyabean oil (whether or not degummed), crude palm oil, and crude sunflower.
Besides, the AIDC levied on import of crude soyabean oil (whether or not degummed), and crude sunflower seed oil, has been reduced to 5 per cent, and on crude palm oil to 7.5 per cent.