India cut the basic import tax on crude palm oil to 15% from 27.5%, but imposed a 17.5% cess - a separate tax - on the imports.
MUMBAI: India has imposed an additional tax on crude palm oil imports as the world s biggest importer of vegetable oils tries to build domestic agriculture infrastructure by taxing imports, Finance Minister Nirmala Sitharaman said on Monday.
India cut the basic import tax on crude palm oil to 15% from 27.5%, but imposed a 17.5% cess - a separate tax - on the imports, Sitharaman said in her federal budget speech.
The cess would provide resources for an immediate need to improve agricultural infrastructure, Sitharaman said.
01 Feb 2021 / 22:01 H. Palm oil has lost the big advantage it had over soyoil and sunflower oil in the Indian edible oils market – REUTERSPIX
MUMBAI: India has imposed an additional tax on crude palm oil (CPO) imports as the world s biggest importer of vegetable oils tries to build domestic agriculture infrastructure by taxing imports, Finance Minister Nirmala Sitharaman said on Monday.
India cut the basic import tax on CPO to 15% from 27.5%, but imposed a 17.5% cess – a separate tax – on the imports, Sitharaman said in her federal budget speech. The cess would provide resources for an immediate need to improve agricultural infrastructure, she said.
Oilseed sector seeks fresh policy impetus from Centre
January 17, 2021
× With the country’s dependence on edible oil import reaching 70 per cent, the sector wants the Government to give thrust on increasing production and productivity of oilseeds in the country in the forthcoming Budget.
BV Mehta, Executive Director of Solvent Extractors’ Association (SEA) of India, told
BusinessLine that the association wants the government to give focus on increasing the production and productivity of oilseeds in the Budget.
Some of the suggestions included shifting of acreage from grains to rape-mustard in Punjab and Haryana. Stating that the oilseed production is stagnant at around 28-30 million tonnes per annum with a productivity of around 900-1,000 kg/ha, he said there is a need to focus on increasing the productivity to 1,500 kg/ha.
3 Min Read
KATHMANDU/MUMBAI (Reuters) - Edible oil refiners in Nepal have all but stopped buying crude palm oil amid surging domestic stockpiles after top buyer India suspended most imports of refined oil from the country, industry officials told Reuters.
New Delhi in May suspended 39 oil import licences to slow duty-free shipments from neighbouring nations, disrupting refiners in Nepal which had thrived thanks to preferential access to India’s huge market.
“Refiners are not importing fresh crude palm oil but we have to take (delivery) of the stock which is in transit,” said Amit Sarda, director at Pashupati Oil Industries, a leading refiner and exporter based at Nepal’s industrial town of Biratnagar.