Centre has reduced the duty on Crude Palm Oil by 5 per cent, with a view to reduce the edible oil prices and to provide relief to consumers.
Ministry of Consumer Affairs, Food and Public Administration in a statement said that the major edible oils consumed in the country include mustard, soyabean, groundnut, sunflower and coconut, palm oil and. rice bran. It said, the Ministry of Finance through a notification has cut duty on Crude Palm Oil from 15 per cent to 10 per cent with effect from 30th June, 2021 and this will remain in force up to and 30th September this year.
The reduction will bring down the effective tax rate on Crude Palm Oil to 30.25 per cent from the earlier 35.75 per cent inclusive of additional agri-cess of 17.5 per cent and 10 per cent social welfare cess. This reduction, in turn, will bring down the retail prices of Edible Oils.
Further, Department of Commerce has issued revised import policy for Refined Bleached Deodorized (RBD) Palm Oil and RBD Palmolein by removing both from restricted to free category.