The CBIC vide Notification No. 65/2023-Customs dated December 21, 2023 extends lower import duty tax rates for edible oils till March 2025 from March 2024.
- Indian Government Decision: The India Government has extended the lower import tax rates on edible oils until March 2025.
- Objective: The extension aims to help control and stabilize local prices in India, the world’s largest importer of vegetable oil, by facilitating the import of key edible oils at reduced duties.
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Affected Oils and Original Timeline: The lower import duty structure applies specifically to crude palm oil, crude sunflower oil, and crude soyoil. Initially set to expire in March 2024, the government order now allows refiners to continue importing these oils at lower duties until March 2025.
The Complete Notification can be accessed at: https://taxinformation.cbic.gov.in/view-pdf/1009959/ENG/Notifications