With the festive season gaining momentum in the next few days, people may be affected by the increased prices of edible oils. The government has decided to increase the customs duty on various edible oils, as seen in the prices.
Custom Duty Increased On These Oils
According to a report by the news agency PTI, the government has decided to increase the customs duty on some other edible oils, including crude and refined sunflower oil. The report quoted a notification from the Ministry of Finance stating that basic Custom Duty (BCD) has been increased on crude and refined palm oil, soybean oil, and sunflower seed oil.
Now, The Basic Custom Duty Has Become This Much
The rate of basic customs duty on crude palm oil, crude soybean oil, and crude sunflower seed oil has been zero till now. That is, there was no import duty for these oils. Now it has been increased to 20 percent. At the same time, the rate of essential customs duty on refined sunflower seed oil, refined palm oil and soybean oil has now been increased to 32.5 percent. Earlier, this rate was 12.5 percent. These changes have come into effect today, Saturday (September 14).
Effective Duty Rate Will Be This Much
According to the report, the total effective duty rate on all related edible oils has risen to 35.75 percent due to increased custom duty. The compelling duty rate on crude palm oil, soybean oil, and sunflower seed oil has increased from 5.5 percent to 27.5 percent. At the same time, the effective duty rate on refined sunflower seed oil, refined palm oil, and refined soybean oil has now increased from 13.75 percent to 35.75 percent.
Consumption Of Oils Increases During Festivals
The custom duty on various edible oils has been increased at a time when the country’s series of festivals will intensify in the next few days. Half of September has already passed. Next month, at the beginning of October, festivals like Navratri and Dussehra are coming. After that, the Diwali festival will be held at the end of October. Consumption of edible oils increases during festivals.
