The Union government has exempted import of crude soyabean and sunflower oil from basic customs duty and agriculture infrastructure and development cess till June 30. This is, however, subject to certain conditions, the Finance ministry said on Thursday.
The duty exemption is applicable only for importers holding TRQ (Tariff Rate Quota) licence for 2022-23 fiscal, it said. 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 ministry allowed import of crude soyabean 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 added.