Along with petrol and diesel, the prices of edible oil have also seen a tremendous increase during inflation in the country. But, now after cutting the excise duty on fuel prices to the general public, the government has taken another step, which will give relief to the public.
Custom duty abolished for two years
On Tuesday, the central government took a big decision regarding the prices of edible oil. The government has decided to do away with custom duty and Agriculture Infrastructure and Development Cess for two years on the import of 20 lakh metric tonnes of soybean oil and sunflower oil. Which till now used to be at the rate of five percent.
Retail prices will come down
With this announcement of the government, the prices of edible oil in the country are expected to come down. According to a report released in this regard, the exemption given on the import of oils will be applicable till March 31, 2024. According to the notification issued by the Finance Ministry on Tuesday, import duty will not be levied on 2 million tonnes of crude soybean and sunflower oil annually in the financial years 2022-23 and 2023-24.
The major share of edible oils in inflation
Retail inflation in the country has reached an eight-year high. If we look at the data released by the government recently, the retail inflation figure has reached 7.79 percent. It may be mentioned here that edible oil is the major contributor to inflation and the retail price of edible oils has seen a significant increase in the last few months. In this move of the government, the Central Board of Indirect Taxes and Customs (CBIC) has said through social media that this decision is going to give relief to the consumers.
Millions of cases of corona infection are coming to light in China. Meanwhile, the Chinfing gover
Maharashtra Governor C.P. Radhakrishnan has invited senior BJP leader Devendra Fadnavis to form t
Prime Minister Narendra Modi will inaugurate the three-day 'Raisina Dialogue' on Monday. It is In
Kanpur Violence: Big action in Kanpur violence case, action against these 4 accused under gangster
Kanpur News: In the case of violence that took place in Kanpur, Uttar Pradesh, last month, the po
Tamil Nadu Minister of State Udhayanidhi Stalin had made a controversial comment regarding Sanata
Amid the ongoing controversy over the NEET exam, the Supreme Court once again heard the case on T
Kiran Patel, the fake Prime Minister's Office (PMO) official caught in Srinagar, did not visit Ka
Russia's attack on Ukraine has completed 7 months and for the first time in this war, Russian Pre
Pramukh Swami Maharaj Nagar has been constructed in Ahmedabad for the centenary celebrations of P
Chief Minister N Biren Singh has taken a tough stand on the incident of two women being paraded w
