The government has scrapped customs duty and agriculture infrastructure development cess on the import of crude soyabean oil and crude sunflower oil for 20 lakh metric tonnes (MT )each per year to ease local prices. According to a notification by the Finance Ministry, the duty-free import of 20 lakh MT per year will be applicable for two fiscals, 2022-23 and 2023-24, for crude soyabean oil and crude sunflower oil.
This would mean till March 31, 2024, a total of 80 lakh MT on crude soyabean oil and crude sunflower oil could be imported duty free. The exemption will help cool domestic prices and control inflation.
Solvent extractors of India (SEA) Executive Director B V Mehta said the prices of soyabean oil are expected to come down by Rs 3 per litre. Mehta said the government issued notification regarding tariff rate quota of 20 lakh tonnes each for crude soyabean and sunflower oils. Under the TRQ a customs duty and agri infra development cess of 5.5 per cent would be removed.