Edible oil import duty - Latest News Update, Information, Photos & Videos on Edible oil import duty at Lokmat Times

India is considering raising import taxes on edible oils as the country seeks to become self-reliant by boosting local oilseed production with the help of tax revenues. The government is also planning to increase some tax on edible oils. According to reports a 5 percent hike in duty is on the cards, however a statement is yet to be released on the same. This step will be discouraging vegetable imports by the country. Edible oils imports of palm oil/sunflower oil and soya oil will be therefore reduced in longer run following import duty hike. India currently levies 37.5% and 45% import tax respectively on crude and refined palm oil. Imports of crude soybean oil, crude sunflower oil and rapeseed oil attract 35% import duty. India spends around $10 billion every year on edible oil imports as the country’s reliance on overseas purchases have jumped to 70% from 44% in 2001/02. The latest move is a part of Prime Minister Narendra Modi’s push toward reducing India’s dependence on imports and raising cash to support local production. India annually imports around 15 million tonnes of edible oils, including more than 9 million tonnes of palm oil and about 2.5 million tonnes each of soyoil and sunflower oil.

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Lok Sabha Election 2024

Ram Navami 2024

Dubai Rains

Maharashtra Lok Sabha Election

IPL 2024

Salman Khan

Edible Oil Import DutyFOLLOW

Edible oil import duty, Latest News

National :Government Raises Export Duty on Molasses, Extends Lower Edible Oil Import Duties

In a recent development, the government has implemented a 50% export duty on molasses, a by-product derived from sugarcane ... ...

Business :Edible Oil Price Cut: Modi govt orders oil companies to cut prices up to Rs 20 per ltr

With the increase in the price of domestic gas cylinders, the general public will now get a big good ... ...

Business :Edible oil prices decline by Rs 20, find out details

Retail prices of edible oils across the country are higher than in the world market a year ago. But ... ...

National :India likely to bring in hike on edible oil import duty raise more tax revenues

India is considering raising import taxes on edible oils as the country seeks to become self-reliant by boosting local ... ...