The Finance Ministry has exempted imports of crude soyabean and sunflower oil from primary customs duty and agriculture infrastructure and improvement cess till June 30, topic to sure circumstances.
The duty exemption is relevant just for importers holding TRQ licence for 2022-23 fiscal.
Under TRQ, a sure quantity of imports are allowed at comparatively low tariffs. Once the amount restrict is reached, the next tariff applies to extra imports. TRQ is allotted to importers by the Directorate General of Foreign Trade (DGFT).
Through a notification, the Finance Ministry allowed imports of crude soyabean oil and crude sunflower oil at zero primary customs duty and zero AIDC for TRQ licence holders for FY23 as much as the June 30, 2023.
‘’This notification shall come into power on the eleventh day of May, 2023, and nothing contained on this notification shall apply after the thirtieth of June, 2023,’‘ the ministry mentioned.
