Govt cuts import duty on sunflower seeds to 10%
The Dollar Business Bureau The Government has announced a cut in the import duty on sunflower seeds to 10% from 30%. The Department of Revenue, Ministry of Finance, has issued a notification (No.9/2017 - Customs) on Thursday, amending the earlier notification No.12/2012-Customs, dated March 17, 2012. It has fixed the import duty on sunflower seeds at 10% and shall come into effect from April 1, 2017 “Amendment to Notification No.12/2012-Customs, so as to reduce the basic Customs duty from 30% to 10% on sunflower seeds falling under tariff item 1206 00 90 (i.e. other than of seed quality) for the purpose of extraction and refining of oil subject to actual user condition, for the period from April 1, 2017 to ...
Industry demands customs duty hike on edible oil imports
Deepak Kumar| The Dollar Business Bureau To fulfill the domestic requirements of raw material, the Association said imports of oilseeds, oilcakes and rice bran should be encouraged by reducing the import duty to a reasonable level To stimulate vegetable oil and oilseeds sector, an industry body has come up with a number of suggestions, such as increasing customs duty on edible oil imports to safeguard farmers’ interest, for the upcoming annual Budget 2016-17. “We have sent the proposals on October 29 to the government and now we are pursuing the matter,” B V Mehta, Executive Director of the Solvent Extractors’ Association (SEA), told The Dollar Business. Domestic production of oilseeds has been declining in the last two years as farmers are ...
