Extension of Concessional customs duty on Edible Oils - Finance Ppl

Extension of Concessional customs duty on Edible Oils - Finance Ppl

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Central board of Indirect taxes and customs on Oct 2,2022 through its official PIB press release, has announced extension of special benefit wrt concessional import duties for specified edible oils, for a period of six months ie upto 31st March’23.

This move is done with an aim to increase the domestic supply of edible oils and also keeping the prices under check.

The ministry in the press release has also mentioned that price of edible oils have been on a declining trend following the fall in global prices & concessional import duties.

Current duty structure is as follows:

Product	Import duty	Cess	Effective duty
RBD (refined bleached deodorized)palmolein, palm oil	12.5%	Social welfare cess : 10%	13.75%
Refined soybean oil	17.5%	Social welfare cess : 10%	19.25%
Refined sunflower oil	17.5%	Social welfare cess : 10%	19.25%
Crude palmolein,palm oil	Zero	Agricess : 5% Social welfare cess : 10%	5.5%
Crude Soybean oi	Zero	Agricess : 5% Social welfare cess : 10%	5.5%
Crude Sunflower oil	Zero	Agricess : 5% Social welfare cess : 10%	5.5%