New Delhi, May 11 (Hindustan Times). The central government has exempted the import duty on crude soybean oil and crude sunflower oil. The Finance Ministry has issued a notification related to this, which will be effective till June 30. This notification has come into effect from May 11.
In a notification issued on Thursday, the Finance Ministry has exempted basic customs duty and agriculture infrastructure and development cess on import of crude soybean and sunflower oil till June 30, 2023, subject to certain conditions. This exemption is only for those importers who have Tariff Rate Quota (TRQ) for the financial year 2022-23. This exemption has become effective from May 11. Nothing contained in this notification shall apply after the 30th day of June, 2023.
It may be noted that the Directorate General of Foreign Trade (DGFT) allots TRQs to importers importing the same from abroad. TRQ allows import of a certain quantity at very low duty. Once this limit is reached, higher tariffs apply for additional imports.
