The Finance Ministry of India has exempted crude soyabean oil and crude sunflower oil from customs duty and Agriculture Infrastructure and Development Cess for the next 50 days, subject to certain conditions.
In a notification, the Ministry said that crude soyabean oil, whether or not degummed and crude sunflower oil will be exempted “when imported into India, from the whole of the customs duty leviable and from the Agriculture Infrastructure and Development Cess.” This notification will come into force on May 11 and will be applicable till June 30, added the notification.
The notification has prescribed conditions for the exemption. Importer will need to produce to the Deputy Commissioner or the Assistant Commissioner of Customs, a valid Tariff Rate Quota (TRQ) authorisation for the Financial Year 2022-23 allotted by Directorate General of Foreign Trade. The TRQ authorisation will be issued electronically by the DGFT and transmitted to ICES system. Imports made against the TRQ shall be allowed only upon debiting electronically in the ICES system, the notification said.