GSTnews item15 September 2015

Veg oil import duty may rise

News Update

Veg oil import duty may rise

Published Date: Sep 16, 2015
Source: ICAI PD Committee
Vegetable oil import during August touched 1,374,049 tonnes, up from 1,333,480 tonnes in the same month a year ago. The overall import of vegetable oils between November 2014 and August 2015 rose 23 per cent from 9,525,374 tonnes in August 2014 to 11,725,065 tonnes in August this year, according to data compiled by the Solvents Extractors’ of India (SEA). “India is being used as a dumping ground for excessive supply of edible oils in the world market,” said B V Mehta, executive director, SEA. He added the Union ministries of food, commerce and agriculture have recommended an increase in duty on crude oils and refined oils and now it is under consideration of the finance ministry. According to sources, the decision is likely to be taken in the Cabinet meeting being held in a day or two.
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