Home >Market >Stock-market-news >India cuts tax on crude, refined palm oil imports from ASEAN countries
India relies on imports for 70% of its edible oil consumption. Photo: Bloomberg
India relies on imports for 70% of its edible oil consumption. Photo: Bloomberg

India cuts tax on crude, refined palm oil imports from ASEAN countries

The duty on crude palm oil was lowered to 40% from 44%, while a tax on the refined variety was cut to 50% from 54%, the notification said

Mumbai: India slashed import tax on crude and refined palm oil sourced from Southeast Asian (ASEAN) countries after request from suppliers, a government notification said late on Monday. The duty on crude palm oil was lowered to 40% from 44%, while a tax on the refined variety was cut to 50% from 54%, the notification said. The cuts took effect on Tuesday.

In March 2018, India had raised import tax on crude palm oil to 44% from 30% and lifted the tax on refined palm oil to 54% from 40%.

India relies on imports for 70% of its edible oil consumption, up from 44% in 2001/02.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePapermint is now on Telegram. Join mint channel in your Telegram and stay updated

Close
×
My Reads Redeem a Gift Card Logout