New Delhi: The finance ministry has exempted imports of crude soya bean and sunflower oils from basic customs duty and agriculture infrastructure and development cess till June 30, subject to certain conditions. The duty exemption is applicable only for importers holding TRQ (Tariff Rate Quota) license for 2022-23 fiscal.
Under TRQ, a certain volume of imports is allowed at relatively low tariffs. Once the volume limit is reached, a higher tariff applies to additional imports. TRQ is allotted to importers by the Directorate General of Foreign Trade (DGFT).
Through a notification, the finance ministry allowed imports of crude soya bean oil and crude sunflower oil at zero basic customs duty and zero AIDC for TRQ license holders for FY23 up to June 30. "This notification shall come into force on May 11 and nothing contained in this notification shall apply after June 30," the ministry said.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)