India cuts tax on crude\, refined palm oil imports from ASEAN countries

India cuts tax on crude, refined palm oil imports from ASEAN countries

The duty on crude palm oil was lowered to 40% from 44%, while a tax on the refined variety was cut to 50% from 54%, the notification said

India relies on imports for 70% of its edible oil consumption. Photo: Bloomberg
India relies on imports for 70% of its edible oil consumption. Photo: Bloomberg

Mumbai: India slashed import tax on crude and refined palm oil sourced from Southeast Asian (ASEAN) countries after request from suppliers, a government notification said late on Monday. The duty on crude palm oil was lowered to 40% from 44%, while a tax on the refined variety was cut to 50% from 54%, the notification said. The cuts took effect on Tuesday.

In March 2018, India had raised import tax on crude palm oil to 44% from 30% and lifted the tax on refined palm oil to 54% from 40%.

India relies on imports for 70% of its edible oil consumption, up from 44% in 2001/02.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.