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.
Editor's Picks »
- What to expect from Q3 results of IndiGo, SpiceJet, Jet Airways
- Forget privatisation, govt has hugged its banks tighter
- Flat profit, rising debt are growing worries for Reliance
- Q3 results: HUL growth off a high base shows it’s on a roll
- DCB Bank Q3 results: Small loans give big pain as farm, mortgages lift delinquencies