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Concessional custom duty on Edible Oil import extended till March 2023

Newdelhi:2/10/22:The Central Board of Indirect Taxes and Customs (CBIC) in notification no. 46/2022-Customs dated 31st August 2022, has extended existing concessional import duties on specified edible oils up to March 31, 2023. The move is aimed at increasing domestic supply and keeping prices under control.

The concessional customs duty on edible oil import has been extended by another 6 months, which means that the new deadline will now be March 2023. Prices of edible oil have been on declining trend driven by fall in global prices. With falling global rates and lower import duties, retail prices of edible oils have fallen considerably in India.

The current duty structure on crude palm oil, RBD Palmolein, RBD palm oil, crude soybean oil, refined soybean oil, crude sunflower oil and refined sunflower oil remains unchanged till March 31, 2023. The import duty on crude varieties of palm oil, soyabean oil and sunflower oil is currently zero. However, after taking into account 5 per cent agric and 10 per cent social welfare cess, the effective duty on crude varieties of these three edible oils touches 5.5 per cent.

The basic customs duty on refined varieties of palmolein and refined palm oil is 12.5 per cent, while social welfare cess is 10 per cent. So, the effective duty is 13.75 per cent. For refined soybean and sunflower oil, the basic customs duty is 17.5 per cent and taking into account 10 per cent social welfare cess, the effective duty comes to 19.25 per cent.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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