INSUBCONTINENT EXCLUSIVE:
After crude oil and gold, edible oil is India's third-largest imported commodity.In a bid to boost domestic supply and reduce prices, the
Central Board of Indirect Taxes and Customs (CBIC) said in a notification that the basic import duty on refined soyoil as well as sunflower
oil is lowered to 37.5 per cent - from 45 per cent, with effect from August 20.The reduction in the customs duty will be applicable till
of vegetable oil in the domestic market.Over and above the basic customs duty, crude soyoil and sunflower oil attract a 20 per cent
However, the refined versions of the soyoil and sunflower oil attract only the social welfare cess.After crude oil and gold, edible oil is
India's third-largest imported commodity
refined, bleached and deodorised palm oil, palmolein, palm stearin and other palm oils to 37.5 per cent.Meanwhile, on Wednesday, the
