The Central Board of Indirect Taxes and Customs (CBIC) lowered import duty on crude palm oil to 10 per cent and other palm oils to 37.5 per cent through a notification issued on Tuesday
Amid soaring inflation and high edible oil prices, the Union Finance Ministry on Tuesday reduced import duty on crude palm oil as well as other palm oil with an aim to ease prices in the domestic market.
The Central Board of Indirect Taxes and Customs (CBIC) lowered import duty on crude palm oil to 10 per cent and other palm oils to 37.5 per cent through a notification issued on Tuesday.
[expander_maker id=”1″ more=”आगे पढ़े ” less=”Read less”]
The revised rates will be effective from June 30 and will remain in force till September 30 this year.
Currently, an import duty of ten per cent is applicable on crude palm oil while other palm oil are in 45 per cent tariff bracket.
India’s retail inflation accelerated to 6.3 per cent on the back of high food and energy prices. At this level, the retail inflation is higher than the upper tolerance limit of the Reserve Bank of India.
[/expander_maker]
