To curb spike in future prices, the government has extended concessional duties on edible oil imports by six months to March 31, 2023. At present, crude palm, soyabean and sunflower oils imports attract only the 5% agri infra cess and a 10% education cess upon it, meaning a total tax incidence of 5.5%. Basic customs duty waiver was applicable till September 30 as per the notification issued in February 2022. Currently, the basic customs duty on refined varieties of palm oil is 12.5%, while social welfare cess is 10%. So the effective duty is 13.75%. Also Read: F&O expiry day: …
