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Hike in custom duty on edible oils: While the common man is troubled by the continuous inflation, the central government has given another shock by deciding to increase the custom duty on crude and edible oil (refined oil) used in daily life. This increase has been made on sunflower oil, palm oil and soybean oil. According to the notification issued by the government, the custom duty on crude oil has been increased from 0 to 20 percent, while the custom duty on edible oil has now been increased to 32.5 percent.
Custom duty on edible oil increased to 32.5%
A notification issued by the Finance Ministry said that the government has increased the basic customs duty on crude oil and refined sunflower oil, palm oil and soybean oil. After the change in customs duty, the new rates will come into effect from today i.e. 14 September 2024. The basic customs duty on crude oil has been increased from 0 to 20 per cent, while on edible oil it has been increased from 12.5 to 32.5 per cent. After the increase in basic customs duty, the effective duty on crude oil will increase from 5.5 per cent to 27.5 per cent and the effective duty on edible oil will increase from 13.75 per cent to 35.75 per cent respectively.
Export duty on onion reduced to 20%
Along with increasing customs duty on edible oil, the government has taken another big decision. Modi government has removed the minimum export price of onion giving relief to onion farmers. Apart from this, the export duty on onion has been reduced from 40 percent to 20 percent. The effect of this step of the government can also be seen on the price of onion, which has been increasing continuously for the last few days. Apart from onion, the government has also removed the minimum export price for the export of Basmati rice.
Farmers will benefit
According to experts, increasing customs duty on edible oil will greatly benefit farmers as it will increase their income. Apart from this, the decision to remove minimum export price from Basmati and rice and onion has also been taken in the interest of farmers and this will also help the farmers of the country.
