Customs duty and cess waived on crude soyabean and sunflower seed oil till June 30

The Indian Ministry of Finance has exempted crude soybean oil and crude sunflower oil from customs duties and the Agriculture and Development Infrastructure Tax for the next 50 days, subject to certain conditions.

In a notice, the ministry said that crude soybean oil, whether sunflower oil dehydrated or dehydrated or not, would be exempt “when imported into India, from all applicable customs duties and from the Agriculture and Development Infrastructure Tax”. The notification added that this notification will go into effect on May 11 and will be in effect until June 30.

Specify the notification of exemption conditions. The importer will need to present to the Deputy Commissioner or Assistant Commissioner of Customs a valid Authorization for the Tariff Quota (TRQ) for the fiscal year 2022-23 allocated by the Directorate General of Foreign Trade. The TRQ license will be issued electronically by DGFT and sent to the ICES system. The notification said that imports made against tariff quotas would only be allowed when discounted electronically in ICES.