NEW DELHI, May 11 (PTI): 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) licence for 2022-23 fiscal.
Under TRQ, a certain volume of imports are 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 licence holders for FY23 up to the June 30, 2023.
“This notification shall come into force on the 11th day of May, 2023, and nothing contained in this notification shall apply after the 30th of June, 2023,” the ministry said.