Edible Oil: Relief on edible oils will continue, stay in profit till March 2023 due to this decision of the government

Import Duty on Edible Oil: The Food Ministry said that the period of concessional import duty on specific edible oils has been extended till March 2023. The Central Board of Indirect Taxes and Customs (CBIC) took this decision on August 31, 2022 to boost domestic supply of edible oils and keep retail prices under check. The government had cut import duty on palm oil on several occasions to increase domestic availability with edible oil prices remaining high throughout the last year.

Concessional import duty on specific edible oils to be applicable till March 2023
The Food Ministry said in a statement that the decision of the CBIC on the existing concessional import duty on specific edible oils will be applicable till March 2023. The concessional customs duty on edible oil imports has been extended for six months, according to the statement. This means that the new deadline will now be March 2023.

Concession on these oils will continue till March 2023
The Food Ministry also said that there has been a softening trend in domestic edible oil prices due to the fall in global prices. Retail prices of edible oils in India have come down significantly with falling global rates and lower import duties. According to the statement, the existing duty structure on Crude Palm Oil, RBD Palmolein, RBD Palm Oil, Crude Soyabean Oil, Refined Soybean Oil, Crude Sunflower Oil and Refined Sunflower Oil will remain unchanged till March 31, 2023.

Know how much is the import duty on different oils
Import duty on crude varieties of palm oil, soybean oil and sunflower oil is currently zero. However, taking into account the five per cent agriculture cess and 10 per cent social welfare cess, the effective duty on the raw varieties of these three edible oils is 5.5 per cent. In addition, the basic customs duty on different varieties of palmolein and refined palm oil is 12.5 per cent, while the social welfare cess is 10 per cent. Thus the effective duty is 13.75 per cent.

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