3-India Prolongs The Reduction Of Import Duties On Edible Oils Until 2025

1. India Prolongs The Reduction Of Import Duties On Edible Oils Until 2025 India Prolongs The Reduction Of Import Duties On Edible Oils Until 2025 India has issued a government order extending the reduction in import duties for edible oils until March 2025. Tradologie.com, designed in India, for the world, is a user friendly SaaS based global trade hub and your streamlined solution for procurement and sales of B2B commodities such as rice. On the platform, connect with verified global bulk edible oil buyers or bulk edible oil sellers, bypass middlemen for higher profits, and secure the best bulk prices for your business, effortlessly. Use Tradologie.com to streamline your bulk edible oil sales and procurement process. India’s Edible Oil Import Duties India’s Edible Oil Import Duties March 2024 was the original scheduled expiration date of the lower import duty structure on crude palm oil, crude sunflower oil, and crude soy oil. The order states that until March 2025, refiners may import edible oil at reduced tariffs. Previously, on June 15, the Narendra Modi administration lowered the import duty on refined soybean and sunflower oils from 17.5% to 12.5% in order to provide consumer relief. Consequently, the effective tax on refined edible oils was 13.7%, which also included a cess for social welfare. On all major crude edible oils, the effective duty rate is 5%. “The basic import duty on refined soyabean and sunflower oil has been reduced from 17.5% to 12.5% with effect from today to remain in force till 31st March’ 24,” the Union Food Ministry said. The ministry added that it is keeping a careful eye on the nation's edible oil prices and making sure consumers have easy access to them.

2. During October 2021, the import duty on these two edible oils ranged from 32.5 to 17.5%. This was during a period of high international prices, which also affected domestic prices. If you are an edible oil importer wishing to import edible oil in bulk or a edible oil exporter willing to export bulk edible oil, then Tradologie.com is the right platform for you. Tradologie.com facilitates bulk agro-commodity sales and procurement across the globe. Through tradologie.com’s interface, buyers can avail the best qualities of agro-commodities in bulk at negotiable rates. The transaction oriented platform has 700,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 100 countries. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.