Buzz Update The government plans to reduce import tariffs on edible oil TOU

Buzz Update The government plans to reduce import tariffs on edible oil


The government plans to reduce import tariffs on edible oil

Edible oil prices are also rising steadily with rising inflation. However, the government is preparing to provide some relief. The government is likely to further reduce tariffs on crude edible oil imports, according to media reports.

Now the government is formulating a new plan to control this rising inflation. According to experts, the government is preparing to reduce two more cess on imports. Apart from this, the government may extend the current duty exemption even after September.

Significantly, the country currently has a 5.5 per cent tariff on crude oil imports, up from 8.25 per cent in the past. Currently, the tax regime on edible oil is based on 2 cess. The first is the Agriculture Infrastructure Development Cess (AIDC) and the second is the Social Welfare Cess. In February, the government reduced the AIDC from 7.5 per cent to 5 per cent. After that, the total tariff on crude oil imports was reduced to 5.5 percent.

On the matter, CBDT and Customs officials say the government-made reduction could still continue. In fact, the problem of edible oil production is not just at the Indian level, but at the global level so there is no other way for the government to control the ever-rising prices.

Continuing cuts will have a significant impact on the domestic market in the medium and long term, but for now there is no other way. The government is concerned that the continuation of the import incentive will have a negative impact on the domestic refining industry and oil producers. In such a situation, the government can take absolutely any big step from its side.

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