Image Source : FILE Govt exempts duty on import of crude soyabean oil
New Delhi: The Central government has exempted customs duty and agricultural infrastructure and development cess levied on crude soyabean oil and crude sunflower seed oil, subject to the conditions of tariff rate quota authorisation (TRQ) till June 30. The duty exemption is applicable only for importers holding TRQ (Tariff Rate Quota) licence for 2022-23 fiscal. Under TRQ, a certain volume of imports are allowed at relatively low tariffs. Once the volume limit is reached, a higher tariff applies to additional imports. TRQ is allotted to importers by the Directorate General of Foreign Trade (DGFT).
Through a notification, the finance ministry allowed imports of crude soya bean oil and crude sunflower oil at zero basic customs duty and zero AIDC for TRQ licence holders for FY23 up to June 30, 2023. “This notification shall come into force on the 11th day of May 2023, and nothing contained in this notification shall apply after the 30th of June, 2023,” the ministry said.
(With agencies inputs)
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