In a recent development, the government has implemented a 50% export duty on molasses, a by-product derived from sugarcane and utilized in alcohol production. The new duty, effective from January 18, is applicable to molasses obtained through the extraction or refining of sugar.
This move aims to regulate the export of molasses, a crucial raw material for alcohol production. Additionally, the finance ministry, through another notification, has extended the current concessional duty rates on the import of crude and refined edible oils—namely palm, soybean, and sunflower—until March 31, 2025.
The basic import duty on refined soyabean oil and sunflower oil was cut to 12.5 per cent from 17.5 per cent , in June last year. India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean from Argentina. Sunflower oil is imported from Ukraine and Russia.