New Delhi: The Union government has decided to slash the import duty on refined soybean and sunflower oils. The import duty on refined soybean and sunflower oils is reduced to 12.% from 17.5%.
Usually, India imports ‘crude’ soybean and sunflower oils and not their ‘refined’ form. Yet, the government has reduced the duty on refined soybean and sunflower oils. With this reduction, the effective duty on refined edible oils stands at 13.7%, including cess on social welfare. The effective duty on all major crude edible oils is 5.5%.
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Currently, there are no import of refined soybean and sunflower oils. India relies on imports to fulfill its demand-supply gap in edible oils. India meets nearly 60% of edible oil demand through imports.
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