Centre plans to cut taxes on edible oils to cool surging prices

New Delhi, 5/5: The Centre is planning to cut taxes on some edible oils to cool the domestic market after the war in Ukraine and Indonesia’s ban on palm oil exports sent prices skyrocketing, according to people familiar with the matter.



India, the world’s top importer of vegetable oils, is looking to cut the agriculture infrastructure and development cess on crude palm oil imports from 5 per cent, the people said, asking not to be identified as the information is private. The new tax amount is still being deliberated, the people said.


The cess is levied over and above basic tax rates on certain items and is used to finance agriculture infrastructure projects. The base import duty on crude palm oil has already been scrapped.

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