Import Tax On Edible Oil

The reduction in taxes could bring down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country.

India has put on hold a proposal to reduce import taxes on edible oils as cooking oil prices started falling in world market after record highs.

Import duty on refined soyoil, canola oil and sunflower oil was raised to 45 per cent from 35 per cent.

Indian oilseed crushers were struggling to compete with cheap imports from Indonesia, Malaysia, Brazil and Argentina.

India doubled the import tax on crude palm oil to 30 percent, while the duty on refined palm oil has been raised to 40 percent from 25 percent earlier

Ruchi Soya will be one of the biggest beneficiaries of higher duty as imports will become costlier making domestically produced oil more attractive than imports.

The government has raised the import tax on crude edible oils and refined oils by 5 percentage points each to protect local farmers from rising imports from Malaysia and Indonesia.

Food Minister Ram Vilas Paswan has said that his ministry wants to double the import tax on crude edible oils and raise that on refined oils by 50 per cent, but is waiting for other ministries to give their views before passing its recommendation to the Cabinet.

The reduction in taxes could bring down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country.

India has put on hold a proposal to reduce import taxes on edible oils as cooking oil prices started falling in world market after record highs.

Import duty on refined soyoil, canola oil and sunflower oil was raised to 45 per cent from 35 per cent.

Indian oilseed crushers were struggling to compete with cheap imports from Indonesia, Malaysia, Brazil and Argentina.

India doubled the import tax on crude palm oil to 30 percent, while the duty on refined palm oil has been raised to 40 percent from 25 percent earlier

Ruchi Soya will be one of the biggest beneficiaries of higher duty as imports will become costlier making domestically produced oil more attractive than imports.

The government has raised the import tax on crude edible oils and refined oils by 5 percentage points each to protect local farmers from rising imports from Malaysia and Indonesia.

Food Minister Ram Vilas Paswan has said that his ministry wants to double the import tax on crude edible oils and raise that on refined oils by 50 per cent, but is waiting for other ministries to give their views before passing its recommendation to the Cabinet.