April 14, 2021
×
SEA expects that record mustard production would help reduce the import of vegetable oils in the coming months
India s palm oil imports increased 7.10 per cent but those of soft oils declined by 14.38 per cent in the first five months of the oil year 2020-21.
The Solvent Extractors’ Association (SEA) of India, the apex body of oil crushers, is of the view that the record mustard production in India would help reduce the import of vegetable oils in the coming months.
SEA , which released the vegetable oil import data for the first five months of the oil year 2020-21, said that the country imported 30.90 lakh tonnes of palm group of oils - crude palm oil, RBD palmolein, and crude palm kernel oil - during November 2020 to March 2021 against 28.85 lakh tonnes in the same period a year ago. The import of crude palm oil (CPO) increased to 29.9 lakh tonnes during the period from 24.6 lakh tonnes.
Import duty reduction from November 2, 2020, on crude palm oil (CPO) was reduced to 27.5 per cent from 37.5 per cent, while duty on soft oils remained unchanged at 35 per cent, which encouraged larger import of palm oil, SEA added.
Tax hike on crude palm oil imports could reduce shipments, says FM Nirmala Sitharaman
India cut the basic import tax on crude palm oil to 15% from 27.5%, but imposed a 17.5% cess - a separate tax - on the imports, Sitharaman said in her federal budget speech
PTI | February 2, 2021 | Updated 09:05 IST
Union Finance Minister Nirmala Sitharaman
India has imposed an additional tax on crude palm oil imports as the world s biggest importer of vegetable oils tries to build domestic agriculture infrastructure by taxing imports, Finance Minister Nirmala Sitharaman said on Monday. India cut the basic import tax on crude palm oil to 15% from 27.5%, but imposed a 17.5% cess - a separate tax - on the imports, Sitharaman said in her federal budget speech.
India has imposed an additional tax on crude palm oil imports as the world s biggest importer of vegetable oils tries to build domestic agriculture infrastructure by taxing imports, Finance Minister Nirmala Sitharaman said on Monday.
India slashed the base import price of crude palm oil by $36 to $1,013 per tonne, the government said in a statement late on Friday. The government revises base import prices of edible oils, gold and silver every fortnight and the price is used to calculate the amount of tax an importer needs to pay. The world's biggest edible oil importer has levied 27.5 percent duty on crude palm oil imports.