The announcement comes as India's edible oil costs have risen dramatically. India is one of the world's top importers of vegetable oil, relying on imports for 60% of its requirements.
The Central Government has exempted 20 lakh metric tonnes of crude soybean and sunflower oil imports from customs tax and agriculture infrastructure development cess in a major move aimed at delivering much-needed relief to consumers.
The order will take effect on May 25, 2022, and will expire on March 31, 2024, according to a Finance Ministry announcement.
"For a period of two years, the Central Government has approved the import of a total of 20 lakh MT of crude soyabean oil and crude sunflower oil at a zero rate of customs tax and Agricultural Infrastructure and Development Cess. Consumers will benefit greatly from this," according to the CBIC.
The announcement comes as India's edible oil costs have risen dramatically. India is one of the world's top importers of vegetable oil, relying on imports for 60% of its requirements.
Meanwhile, edible oil costs have risen dramatically since Russia's invasion of Ukraine. India imports sunflower oil primarily from Ukraine and Russia.
The Government of India stated in February that the agricultural tax on crude palm oil will be decreased to 5% from 7.5 percent with effect from February 12, 2022.
The Government of India stated in February that the agricultural tax on crude palm oil will be decreased to 5% from 7.5 percent with effect from February 12, 2022.
