Question
The government has extended the lower import duty
structure for palm, soyabean and sunflower oils by a year till________ which currently attracts attract only a 5% agri infra cess and a 10% education cess, resulting in a total tax incidence of 5.5%.Solution
The government has extended the lower import duty structure for palm, soyabean and sunflower oils by a year till March 31, 2025, which the industry says may adversely impact processing and prices of domestic oilseeds.Currently, crude palm, soyabean and sunflower oil imports attract only a 5% agri infra cess and a 10% education cess, resulting in a total tax incidence of 5.5%. To provide relief to consumers, the government in June had reduced the import duty on refined soyabean and sunflower oils to 12.5% from 17.5%.
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