Basic Import Duty News Today

This article is authored by Siddharth Nema and Alfiya Ansari, economists, India Exim Bank.

India, the largest importer of refined oil, has slashed import duty on refined sunflower and soyabean oil to 12.5 per cent with effect from June 15. The government decision is expected to augment local prices of oil. Previously, the government had cut the import duty from 32.5 per cent to 17.5 per cent in 2021.