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.
Rupee Vs Dollar: Rupee collapses against the dollar, breaks 28 paise to cross 78 for the first time
On Monday, the first trading day of the week, the Indian currency rupee once again registered a b
On the National Logistics Policy, Anurag Jain, Secretary, Department for Promotion of Industry an
The complete schedule for the T20 World Cup, to be co-hosted by India and Sri Lanka next year, ha
Weather Update Today: Due to snowfall in the hilly areas, cold has started increasing in the plai
South Korean President Yoon Suk Yol on Tuesday announced the lifting of martial law (emergency) j
Hong Kong's famous floating restaurant has submerged 1000 meters in the South China Sea. The inci
After the England tour, the former Team India captain will be looking for his form through the As
CBI Raids: New FIR in former NSE chief Chitra Ramakrishna case, CBI raids across the country
The CBI is conducting fresh raids across the country on the orders of the Ministry of Home Affair
The fear of death is haunting the former Prime Minister of Pakistan, Imran Khan. In such a situat
Pali MP Khel Mahakumbh is going to be organized at Bangar Stadium in Pali City on Saturday. More
