AreaIndia

Commodity GroupOilseeds, oils and meals

CommodityVegetable oils

Date01/08/2021

Policy CategoryTrade

Policy InstrumentImport policy

DescriptionReduced, effective 20 August to 30 September 2021, the basic import tax for crude and refined grades of soy and sunflower oil by 7.5 percentage points, in a bid to raise domestic supplies and control inflation in edible oil prices. On 11 September, lowered the base tax for crude soy and sunflower oil by a further 5 percentage points, while the tax on crude palm oil was reduced by 7.5 percentage points. Moreover, on 14 October, the base tax on crude palm, soy and sunflower oil was suspended all together, while the Agri Infrastructure Development Cess has been reduced by 12.5 percentage points for crude palm oil and 15 percentage points for crude soy and sunflower oil. As for refined vegetable oils, the base tax has been slashed by 15 percentage points. After the cuts, crude palm oil and crude soy and sunflower oil were subject to an overall ad valorem tariff of, respectively, 8.25 percent and 5.5 percent, while refined vegetable oils attracted a tariff of 19.25 percent, effective until 31 March 2022.