Finance Ministry waives duty and agri cess on crude soybean, sunflower oil imports

Importers holding TRQ (Tariff Rate Quota) licence have received an exemption on imports of crude soyabean and sunflower oil from basic custom duty and agriculture infrastructure and development cess till June 30

A worker walks atop a tanker wagon at an oil terminal on the outskirts of Kolkata on November 27, 2013. The Finance Ministry has exempted imports of crude soybean and sunflower oil from basic customs duty and agriculture infrastructure and development cess till June 30, subject to certain conditions. Image for representational purposes only. | Photo Credit: Reuters

The Finance Ministry has exempted imports of crude soyabean and sunflower oil from basic customs duty and agriculture infrastructure and development cess till June 30, subject to certain conditions.

The duty exemption is applicable only for importers holding TRQ 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 soyabean oil and crude sunflower oil at zero basic customs duty and zero AIDC for TRQ licence holders for FY23 up to the 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.