Zoom News : May 24, 2022, 10:14 PM
Business | The central government has taken an important decision on the import of crude soybean oil and crude sunflower oil. The government has allowed import of 20 lakh metric tonnes of oil at zero rate of customs duty, agricultural infrastructure and development cess. This means that these taxes will not be levied on 20 lakh metric tonnes of oil imports.When will it be applicable: This rule will be applicable for every year after 31 March 2024. If you understand in simple language, there will be no tax on the import of 20 lakh metric tons of oil every year. However, the decision of the government will lead to a fall in the prices of soybean and sunflower oil. However, this relief will have to wait a long time. Let us tell you that apart from cooking these oils are also used for many other purposes.Explain that India imports more than 60 percent of edible oil. In the past few months, apart from the ongoing war between Russia and Ukraine, export restrictions by Indonesia have affected imports. Due to this, there has been an increase in the prices of edible oil in the global as well as domestic market. However, the government had also taken several important decisions last year to cut prices.