Search Result for : Edible Oil

By Ranjeet Mahtani & Niraj Hande The most crucial GST Council meeting took place on 18th and 19th May, 2017 in Srinagar, Jammu and Kashmir. The GST Council has finalised seven sets of GST Rules and completed the fitment of most goods and services in various tax brackets in the last two days. Rules The GST Council has approved seven sets of GST Rules which pertain to Composition, Tax Invoice Credit & Debit Notes,Input Tax Credit, Payment of Tax, Refund, Registration and Determination of Value of Supply. The Rules pertaining to Transition and Returns were not finalised and shall require further vetting before approval. The next step will be for Governments, State and Central to now notify these. Rates The GST Council has ...

Abin Daya the author of 'Basics of Trade: An India Perspective' is a FEMA expert, a career transaction banker, with close to 15 years of experience in corporate and transaction banking, in India. By Abin Daya Well, the effect of that abysmal performance of the core sector had to have some effect on the IIP. IIP numbers have come in at the lowest in 4 months with -1.2% growth. However, the coming months might give us some respite considering the improvement in economic activity during the month of March. And speaking of March, we have got a second consecutive month of double digit export growth during the month, and that has helped us pull off a positive growth in annual export figures after ...

The Dollar Business Bureau   India's import bill for edible oil is expected to increase by 15-20 percent during the current oil year, from November 2015-October 2016, due a significant rise in the crude palm oil prices in the world markets and a supply shortage in domestic market. A decline in production of edible oil in local market, and a sudden increase in demand on subdued prices over the last year, has broadened the supply deficit in India. During the oil year 2014-15, India’s vegetable oil (edible and non-edible) imports were about 14.5 million tonnes, amounting to Rs.60,000 crore. This is expected to increase to 16 million tonnes, worth Rs.75,000 crore, by the end of October 2016. According to the data compiled by Solvent Extractors' ...

Pooja Jain | The Dollar Business India, the second most populous country after China, is the world’s largest importer of edible oils. The country leaves a big impact on the global oils and fats industry with imports touching 14 million tonnes every year. However, the production within the Indian territory stands at around 7-8 million tonnes each year.  As per the 12th five-year plan, the government wants to increase the domestic production of oils from 7.06 million tonnes to 9.51 million tonnes. Each year, India consumes 20 million tonnes of edible oil with the per capita consumption of about 14-15 kg, when compared to the global average of 22.8 kg.  With the rise in population, lifestyle changes and with the awareness of health and ...

Sharath Chowdary | The Dollar Business A UK based magazine Oil & Fats International (OFI) ) organised an international event OFI India 2016 for the first time in India at Hyderabad. The event runs for two days, 13th and 14th April at Hyderabad International Convention Centre, Hyderabad. Addressing the media on the occasion, Mark Winthrop-Wallace, Sales Manager, Quartz Business Media said, “OFI 2016 is a wonderful opportunity for those involved in the edible oils and fats sector to learn, debate, network and to gather in an international environment to do business.” “OFI exhibition and conference is a biennial event that takes place globally at various potential cities for edible oils and fats sector. Last time it was organised on 13-14 May 2014 at ...

The industry has also demanded a hike in the import duty on palm oil to 45% from the current 12.5% and sought for a budget of Rs. 10,000 crore for the sector The Dollar Business Bureau Ahead of the Budget for the coming financial year, the palm oil industry has asked the government to formulate a separate import policy to ensure a level-playing field for domestic palm growers and oil producers who have been battling cheap imports of edible oil triggered by the global demand slump. “There is a need for a separate palm oil import policy. This will ensure that import duty of palm oil can be increased to a level sustainable to the farmer/ industry. This will ...

The Dollar Business Bureau India’s dependence on vegetable oil imports has gone up by more than 70% during the current fiscal   Vegetable oil imports in the oil year 2014-15 surged by 23.64% as shipments of palm products as well as soft oils like soybean, sunflower and rapeseed (canola) grew by a record margin.  During the previous oil year (November 2014 to October 2015), imports of edible oil and non-edible oil increased to 146.1 lakh tonnes from 118.2 lakh tonnes in the oil year 2013-14.  Last month, vegetable oil imports reached 16.7 lakh tonnes - the highest in a single month since allowed in OGL (Oil and Gas Lease) in 1994, up 34% from about 12.47 tonnes in October 2014.  Similarly, ...

Jasleen Kaur | The Dollar Business Maintaining a balance between the interest of consumers and oil seeds growers has become a major challenge for the government as any hike in import duty on edible oils may lead to inflation amid increased buying due to festive season. Oil seeds growers are in favour of increased import duty to promote domestic production “but any such move may raise the risk of retail inflation”, the ASSOCHAM said in a study. Oil seed production in India declined from 32.7 million in 2013-14 to 26 million tonnes in the last financial year when the country spent $10 billion on the import of vegetable oil. And this year, the study said, the import bill is going to ...