Reduced Import Duty On Edible Oils To Continue Till March 2025

New Delhi, Dec 28 (KNN) The union government has extended the timeline for cut on import duty for edible oils till March 2025 which could help control prices. 

This move comes with the possibility of low production of indigenous oilseeds and 2024 being an election year. 

The reduced import duty structure on crude palm oil, crude sunflower oil and crude soya oil was originally scheduled to expire in March 2024. However, as per the order, refiners can now continue to import at lower duty till March 2025, said Shankar Thakkar, national president of All India Edible Oil Traders Federation.

The government has issued a notification extending the period of import duty on edible oils from March 31, 2024, to March 31, 2025, and no change in import duty. 

HS CODE 15071000 crude soya oil attracts 5% duty, 15111000 crude palm oil attracts 7.5% duty, 15121110 crude soya oil attracts 5% duty. 

Thakkar added, “There has been a huge decline in the prices of edible oils in the last 8 to 10 months, but on the other hand, due to dry weather and irregular and less rainfall in many areas, there is a possibility of reduction in production of oilseeds, and there is also apprehension of a decline in Rabi crop. 

(KNN Bureau)