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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%. 

A 30th January, 2024 Correct Answer Incorrect Answer
B 31st March, 2025 Correct Answer Incorrect Answer
C 30th June, 2024 Correct Answer Incorrect Answer
D 31st August, 2025 Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

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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