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LATEST NEWS UPDATES | Festive Bonanza: Government Slashed Import Taxes On Edible Oils Till March 2022, Check Details -

Festive Bonanza: Government Slashed Import Taxes On Edible Oils Till March 2022, Check Details -

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published Published on Oct 13, 2021   modified Modified on Oct 14, 2021

-Outlook India

The latest development will cut the effective import tax on crude palm oil, crude soya oil and crude sunflower oil from 24.75 percent till now to 0.

The government on Wednesday reduced various import taxes on palm oil, soyoil and sunflower oil ahead of the festive season till March 31, 2022, said the Bureau of Indirect Taxes and Customs.

According to Moneycontrol, the latest development will cut the effective import tax on crude palm oil, crude soya oil and crude sunflower oil from 24.75 percent till now to 0. However, the import tax on refined soya oil and refined sunflower oil remain in place.

With this move, it is anticipated that the tax cuts could bring down local edible oil prices and stimulate demand and imports, potentially supporting global palm oil, soyoil and sunflower oil prices.

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Outlook India, 13 October, 2021, https://www.outlookindia.com/website/story/business-news-festive-bonanza-government-slashed-import-taxes-on-edible-oils-till-march-2022-check-details/397584


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