Govt cuts import duty on crude palm oil to 10%

NEW DELHI : The government on Tuesday reduced import duty on crude palm oil to 10 per cent, and other palm oils to 37.5 per cent till September 30, a move that will help lower edible oil prices in the domestic market.

The Central Board of Indirect Taxes and Customs (CBIC) in a notification reduced the basic customs duty on crude palm oil to 10 per cent and palm oil other than crude palm oil to 37.5 per cent with effect from June 30, 2021.

Currently, customs duty on crude palm oil is 15 per cent, while it is 45 per cent for all other categories of palmolein (RBD Palm Oil, RBD Palmolein, RBD Palm Stearin and any Palm Oil other than Crude Palm Oil).

“This notification shall come into effect on 30th June 2021 and will remain in force up to and inclusive of the 30th September 2021,” the CBIC said.

Solvent Extractors Association of India (SEA) Executive Director BV Mehta said the import duty on crude palm oil (CPO) has been reduced to 10 per cent from 15 per cent.

However, he said the effective duty on crude palm oil (CPO) has now come down by 5.50 per cent to 30.25 per cent from 35.75 per cent.

Source : Economic Times