AreaIndia

Commodity GroupOilseeds, oils and meals

CommodityPalm oil

Date01/10/2019

Policy CategoryTrade

Policy InstrumentImport policy

DescriptionAnnounced an increase in the integrated general sales tax on imported refined palm oil from 5 percent to 12 percent – a measures aimed at offsetting a reduction in import tariffs on palm oil supplied by members of the ASEAN bloc scheduled for January 2020.

NotesINDIA – import policy: According to media reports, the Government is considering to raise the integrated general sales tax (IGST) on imported refined palm oil from 5 percent to 12 percent, with a view to offset a reduction in import tariffs on palm oil supplied by members of the ASEAN bloc that is scheduled for January 2020. Under the ASEAN trade agreements, India is required to lower its tariffs on crude and refined palm oil to, respectively, 37.5 percent and 45 percent (compared to the prevailing rates of rates of 40 percent and 50 percent), which will entail a reduction in the duty differential between the two oils.