Question
Recently government has extended the concessional import
duties on edible oil by six months till ______, 2023.Solution
To curb spike in future prices, the government has extended concessional duties on edible oil imports by six months to March 31, 2023. 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%. Similarly, the basic customs duty on refined soyabean and sunflower oil is 17.5% taking into consideration 10% social welfare cess, the effective duty comes to 19.25%.
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