Good news for Cooking oil Consumers.. Central to reduce Taxes

The Centre has good news for consumers of cooking oil. The Central Government has decided to reduce the basic customs import duty on refined palm oil from 17.5 per cent to 12.3 percent, the Central Board of Indirect Taxes (CBIC) said in a gazette notification. The CBIC said the customs duty deduction would be applicable till March 2022. The notification issued by the CBI said, "The basic customs duty on refined palm oil will be reduced from 17.5 per cent to 12.3 per cent by March 31, 2022."

The new rates for palm oil will come into effect from Tuesday (December 21). India imported Rs.1.17 lakh crore worth of cooking oil between November 2020 and October 2021, according to the Centre. The Central Government has reduced import tariffs on refined & crude cooking oils several times this year to control cooking oil prices. The Centre, which focuses on reducing cooking oil prices, has decided to encourage oil palm growers. In addition to controlling prices by increasing domestic production without relying on imports, a special package of Rs.11,040 crore has been announced to help farmers. It was approved by the Union Cabinet in August 2021.