Import duty on non-palm oils raised by 5-10% in India

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The Centre has raised the import duty on non-palm edible oils by 5 to 10 percent on June 15, with a view to protect the interests of domestic growers and processors of oil seeds.

In the latest announcement, the Central Board of Indirect Taxes and Customs has increased duties on soyabean oil, sunflower oil, groundnut oil, and canola oil, both in their refined and crude forms.

The government had raised the import duty on refined palm oils in March, from 40 percent to 54 percent, while the duty on crude palm oils was raised from 30 percent to 44 percent.

Mumbai-based industry body Solvent Extractors Association had said it would be difficult to motivate the framers to grow oil seeds if the import duties on these oils were not raised.

It further stated that the government’s aim to double farmers’ income would be defeated if import duties on soya, sunflower and canola oils were not increased in same proportion as palm oils.

To meet its domestic demands, India imports over 14 million tonnes of vegetable oil annually.

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