Cooking oil will be cheaper, the government abolished customs duty for two years.

Edible Oil: The government has made the import of soybean and sunflower oil duty free till March 2024. There will be no agricultural cess on their imports.
Cooking oil will be cheaper, the government abolished customs duty for two years.
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Edible oil: Cooking oil prices are expected to decline. The central government has taken a big decision on edible oil. The government has abolished customs duty for two years. Customs duty on soybean and sunflower oil imports has been abolished. Agriculture and basic duties and development cess have also been reduced to zero. The government’s decision took effect at midnight on May 24.

The Ministry of Finance issued the notification.

According to the notification issued by the Ministry of Finance, 2 million metric tons of crude soybean oil and crude sunflower oil for two fiscal years 2022-23 and 2023-24 have been imported free of cost. The government said customs duties, agricultural infrastructure and development cess have been abolished. Coking oil will be allowed to be imported without paying these taxes.

Inflation will be banned, people will get relief.

The Central Board of Indirect Taxes and Customs (CBIC) tweeted. It is said that this measure will help in controlling inflation. The common man will get relief. India imports 60% of its edible oil needs. Edible oil is a major contributor to inflation. Edible oil prices have risen by more than 15% in the last three months.

Sugar exports will be limited.

According to media reports, the government may now restrict sugar exports. In the current season 2021-22 (October-September), 7.5 million tons of chakras have been exported. It can be limited to 1 million tons. At present the retail price of sugar is Rs. 41.50 per kg. 40-43 per kg in the next few months. As exports increase, this price may increase further. Clothing is also included in the measurement of retail inflation. Therefore, in order to control the prices of textiles, the government can make the import of cotton duty free. So that home garment makers can get cotton yarn at reasonable rates. Two quarters ago, the price of cotton in the local market was Rs. 55,000 per candy (356 kg). Which has now reached Rs. 1.10 lakh per candy.

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