New Student Offer - Use Code HELLO

Register Now

Government hikes import duty on Non-Palm Oils by 5-10%

Published on June 18, 2018
With a goal to protect the interest of domestic oilseeds growers and processors, the Central Board of Indirect Taxes and Customs (CBITC) raised the import duty by 5-10 per cent on non-palm edible oils, both crude and refined ones.
Government hikes import duty on Non-Palm Oils by 5-10%

Following changes are made in case of different oils:

Sunflower Oil:

  • The import duty on crude variant has been increased from 25 per cent to 35 per cent.
  • The import duty on refined variant has been incresed from 35 per cent to 45 per cent.

Groundnut Oil:

  • The import duty on crude variant has been increased from 30 per cent to 35 per cent.
  • The import duty on refined variant has been incresed from 35 per cent to 45 per cent.

Canola Oil:

  • The import duty on canola oil has been increased from 25 per cent to 35 per cent.
The Solvent Extractors Association (SEA) had earlier demanded from the government an increase in the import duties of non-palm edible oils in same proportion as palm oils and stated that the government's aim to double farmers' income will be defeated unless this step is taken forward.
The association also said that farmers will take up to growing more oil seeds only when they see decent profit in doing that.
India imports over 14 million tonnes of vegetable oils annually to meet its domestic demand.
ebook store

About us

ramandeep singh

Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and 5000+ selections, Ramandeep understands the path to success, having transitioned himself from Dena Bank and SBI. He's passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu