Extension of the existing concessional import duties on specified edible oils up to and inclusive of the 31st March 2025

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....>Customs<br>Notifications<br>Dated:- 16-1-2024<br>Notification No. 02/2024 - Dated: 15-1-2024 - Seeks to amend notification Nos. 48/2021 and 49/2021 - Customs both dated 13.10.2021 in order to extend the existing concessional import duties on specified edible oils up to and inclusive of the 31st March 2025. In an evolving economic landscape, the Indian government&#39;s approach to customs duty ad....

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....these essential oils. Key Changes in Customs Duty Notification No. 48/2021, issued on 13th October 2021, focused on exempting specific edible oils from customs duty beyond a certain threshold. This included oils like crude soya-bean oil, edible grade soya-bean oil, crude palm oil, refined bleached deodorized (RBD) palm oil, RBD palmolein, RBD palm stearin, and sunflower seed oil&#8203;&#8203;. T....

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....customs duties can lead to a reduction in the cost of importing edible oils. This, in turn, can result in lower prices for consumers, aiding in managing household expenses amidst broader economic challenges. Additionally, these changes may encourage imports, ensuring a steady supply of these oils in the domestic market. Global Trade Considerations From a global trade perspective, adjusting custo....