Skip to content
Government allows duty-free import of 20,000 tons of crude soybean and sunflower oil every year

To ease domestic pressure, the Center exempted 20 lakh metric tons of annual imports of raw soybean and sunflower oil from tariffs and halted agricultural infrastructure development.

In a notification issued on Tuesday, the Union Department of Finance said it had exempted the items because it deemed them essential and in the wider public interest – the move will greatly benefit customers, the department said.

The ministry said in the notification that the exemption, effective May 25, 2022, will be in place for the current fiscal year, as well as the next fiscal year.

To curb soaring rates, the government reduced excise duties on gasoline and diesel on May 20 and canceled import duties on several raw materials used in the steel and plastics industries. In addition, the export duty on iron ore and iron pellets has been increased.

WPI or Wholesale Price Inflation hit a record high of 15.08% in April, while retail inflation hit a nearly eight-year high of 7.79% due to rising prices of everything from fuel to vegetables and edible oil.

Read also :

(Edited by : Anand Singha)

cnbctv18-forexlive-benzinga -Sp

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.