Duty free Import: Government removes import duty on edible oils to curb inflation, import will be possible without duty till 2024

The central government has taken another big step to control inflation. The government has made the import of crude soybean and sunflower oil duty free till March 2024. 

According to the notification issued by the Ministry of Finance, there will be no duty on the import of 2 million tonnes of crude soybean and sunflower oil every year in the financial years 2022-23 and 2023-24. The Central Board of Indirect Taxes and Customs (CBIC) has tweeted that this step will curb inflation and provide relief to the common man. India imports 60 per cent of its edible oil requirement. Edible oil is the major contributor to inflation and the retail price of edible oil has registered a rise of more than 15 per cent for the last three months.

According to sources, the government may now limit sugar exports as well. In the current sugar season 2021-22 (October-September) so far, 75 lakh tonnes of sugar has been exported and it can be limited to 100 lakh tonnes. At present, the retail price of sugar is Rs 41.50 per kg which may go up to Rs 40-43 per kg in the next few months. This price may increase further as exports increase.