News Govt hikes import duty on edible oil by 5%

[Technoglitch]

Customs or import duty on edible oil in all categories has been increased by 5 per cent, Central Board of Excise and Customs said in a notification.

Duty on crude edible oil has been increased from 7.5 per cent to 12.5 per cent and on refined edible oil from 15 per cent to 20 per cent.


The revision in duty follows review of the situation by Revenue Secretary Hasmukh Adhia on Wednesday.

According to industry estimates, edible oil imports are likely to increase to 14 million tonnes in the 2014-15 oil year (November to October) from 11.6 million tonnes in the previous year.

Imports of vegetable oils, which includes both edible and non-edible oils, rose by 23 per cent to 11.72 million tonnes during November-August period as against 9.52 million tonnes in the same period last year.

Govt hikes import duty on edible oil by 5% - The Times of India

 

[IndianMascot]

So, is it going to effect us.

 

[DashMajor]

I don't think so many brands are home made only. Hiking import duty will help the domestic company more.

 

[Technoglitch]

They are importing the crude edible oils from other countries and sell it under local brands.

 

[IndianMascot]

In that case they will now truy to manufacture more in India than importing. I think everything being imported should be made costly and import duty should be drastically dropped on health products like wheel-chair and other advance equipments.

 

[Technoglitch]

Some raw materials are not grown here and hence it has to be imported.