In response to widely circulated media reports on government decision to extend lower import duty for palm, soybean and sunflower oil till March 31, 2025, the finance ministry on Saturday clarified that reports were erroneous.
“It is categorically clarified that the Government extended the validity period of import duty exemption on Masur Dal only, by one year up to 31.3.2025”, according to a tweet by the finance ministry.
Currently, crude palm, soybean 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%.
The lower import duty structure on edible oils is currently valid till March 31, 2024.
In June, the government had reduced the import duty on refined soyabean and sunflower oils to 12.5% from 17.5%.
India imports about 58% of the total annual edible oil consumption of around 25 million tonne.
