THE GOVERNMENT ON Friday extended the lower import duty structure for palm, soyabean, and sunflower oils by a year till March 31, 2025, which the industry says may adversely impact processing and prices of domestic oilseeds.
Currently, crude palm, soyabean and sunflower oil imports attract only a 5% agri infra cess and a 10% education cess, resulting in a total tax incidence of 5.5%. To provide relief to consumers, the government in June had reduced the import duty on refined soyabean and sunflower oils to 12.5% from 17.5%.
"With the continuance of the lower duty structure, India will be a dumping ground for cheap edible oil which would hurt farmers as well as processors," BV Mehta, executive director, Solvent Extractors Association of India (SEA), told FE.
Bu hikaye Financial Express Mumbai dergisinin December 23, 2023 sayısından alınmıştır.
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Bu hikaye Financial Express Mumbai dergisinin December 23, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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