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Under the Central Board of Indirect Taxes & Customs, the Directorate General of Systems and Data Management has released an advisory regarding the impending Union Budget 2024–25.The Union Budget...
India has extended lower import duty on edible oil by a year until March 2025, extending the lower duty structure on crude palm oil, crude sunflower oil, and crude soy oil. The decision was expected to keep prices in check ahead of elections. The government also imposed a 50% duty on exports of molasses, a by-product of sugarcane used for alcohol production.
The proposed export duty shall come into force on January 18, 2024.
The Indian government's decision to ban onion exports until March 2024 resulted in a drastic 60% price decline in less than three weeks. The ban aimed to address issues like under-invoicing and wrong export policies, including the absence of a fixed floor price with the initial export duty and the subsequent removal of duty without a minimum export price.
The centre has also reduced export duty on diesel to Rs 0.50 per litre from one per litre while it increased export duty on Aviation Turbine Fuel (ATF) to Rs one per liter from earlier nil duty.