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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 ...

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 fo...

Article content India’s palm oil imports have been rising since December 2020 after the country had cut its import tax on the oil to 27.5% in late November. India buys palm oil from Indonesia and Malaysia, while other oils including soyoil and sunflower oil come from Argentina, Brazil, Ukraine and Russia. Palm oil was earlier attracting 8.25% less import duty than sunflower and soyoil, said Sudhakar Desai, president of the Indian Vegetable Oil Producers’ Association, adding “Now that difference has reduced to just 2.75%.” Refiners have already bought palm oil for February shipments, b...

Oilmeals exports up by 133 per cent in December January 19, 2021 Tightening global supply of soybean and the strike by oilseed workers unions in Argentina helped India record a growth in oilmeals exports during December 2020. The Solvent Extractors’ Association (SEA) of India, which has come out with the provisional export data of oilmeals for December 2020, said that export of oilmeals increased to 5,12,997 tonnes during December 2020 as against 2,20,404 tonnes in the corresponding period of 2019, recording a growth of 133 per cent. It said that the overall export of oilmeals stood at 24,...

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-mus...