Modi govt took an ample decision on edible oil?... 


Inflation is increasing very fast in the country. In such a situation, after controlling the ever-increasing petrol-diesel prices, now the Modi government has taken a big step to control the prices of edible oil. The government has cut custom duty on the import of sunflower and soybean oil.


What is the decision of the Modi government?

In fact, the central government has announced to abolish Custom Duty and Agriculture Infrastructure and Development Cess for 2 years on the import of 20 lakh metric tonnes of soybean oil and sunflower oil. Let us tell you that this cess is currently 5%. With this decision of the central government, cooking oil is expected to be cheaper. The exemption given on the import of oils will be applicable till march 31, 2024.

Edible oil prices will be cheaper

It is worth noting that edible oil is the major contributor to inflation and for the last three months, the retail price of edible oil has registered a rise of more than 15 percent. According to the notification issued by the Finance Ministry on Tuesday, import tax will not be levied on 20 lakh tonnes of crude soybean and sunflower oil annually in the financial years 2022-23 and 2023-24.

The central government had reduced the excise duty on petrol and diesel last week amid rising oil prices. Along with this, it was also decided to remove the import duty on some raw materials used in the steel and plastic industry. 

మరింత సమాచారం తెలుసుకోండి: