Edible oil import duty hiked by 20%

Govt on Friday increased import duty on edible oils by 20% amid domestic industry players flagging that cheaper imports have adversely impacted the domestic oil seed prices and farmers. This may bring relief to domestic producers as it would push prices up marginally.

As per a govt notification, import duty on crude palm, soya bean and sunflower oil will increase from nil to 20% and on refined palm, soya bean and sunflower oil the increase will be from 12.5% to 32.5%. Effective duty on these crude and refined oils will increase from 5.5% to 27.5% and from 13.75% to 35.75% respectively as govt also imposes agriculture infrastructure and development cess on these oils.


Ready to Master Stock Valuation? ET’s Workshop is just around the corner!