Govt. Waives Duty and Cess on Crude Soya-bean, Sunflower Oil Imports until June 30

New Delhi (India), 11th May 2023: The finance ministry has announced a waiver of basic customs tax and agriculture infrastructure and development cess on crude soya bean oil and sunflower seed oil imports under the tariff rate quota (TRQ) system. This waiver will be effective from 11 May to 30 June, 2023, and applies specifically to importers holding a TRQ license for the 2022-23 fiscal year.

TRQ is a framework permitting a predefined volume of imports into India at a diminished or zero-obligation rate, with typical levies applying to extra imports once the standard is reached. The government issued an invitation to apply for a 2 million-ton TRQ allocation for the fiscal years 2022-23 and 2023-24 in May 2022.

However, because of a surge in sunflower oil and soya bean oil production, the TRQ distribution was removed for FY 2023-24.

Through a notification, the Finance Ministry permitted imports of unrefined soybean oil and rough sunflower oil at zero essential traditions obligation and zero AIDC for TRQ permit holders for FY23 up to the June 30, 2023.

The ministry said, “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.”