Govt Exempts Duty & Agri Cess on Crude Soybean, Sunflower Oil Imports Till June 30

This move by the Finance Ministry aims to facilitate imports of crude soya bean and sunflower oils by providing duty exemptions to eligible importers for a limited period. However, this exemption is applicable only to importers who possess Tariff Rate Quota (TRQ) licenses for the fiscal year 2022-23.

The Finance Ministry has made an announcement regarding the exemption of basic customs duty and agriculture infrastructure and development cess on imports of crude soya beans and sunflower oils until June 30, 2023. However, this exemption is applicable only to importers who possess Tariff Rate Quota (TRQ) licenses for the fiscal year 2022-23.

The TRQ system allows a certain volume of imports to be brought in at lower tariffs, and once this volume limit is reached, additional imports are subject to higher tariffs. The Directorate General of Foreign Trade (DGFT) assigns TRQ licenses to importers.

According to a notification issued by the finance ministry, importers with TRQ licenses for the fiscal year 2022-23 can import crude soya bean oil and crude sunflower oil with zero basic customs duty and zero AIDC (agriculture infrastructure and development cess) until June 30, 2023.

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The notification takes effect today onwards i.e. May 11, 2023, and it explicitly states that its provisions will not be applicable beyond June 30, 2023.

This move by the Finance Ministry aims to facilitate imports of crude soya bean and sunflower oils by providing duty exemptions to eligible importers for a limited period.

source- PTI

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