CBIC further amends Notification No. 48/2021-Customs dated 14.06.2023 to reduce BCD on Refined Soya Bean Oil and Refined Sunflower oil to 12.5% vide Notification No. 39/2023-Customs Dated: 14th June, 2023.
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Introduction: Cost-friendly Cooking Oils on the Horizon
In a bid to ensure the affordability of edible oils for consumers, the Central Government has implemented a reduction in Basic Import Duty on these essential commodities. This step marks a significant move towards augmenting government strategies aimed at lowering the prices of edible oils in the domestic market.
Analysis: Unpacking the Import Duty Reduction
Effective immediately, the Basic Import Duty on Refined Soyabean Oil and Refined Sunflower Oil has been decreased from 17.5% to 12.5%. This decision was sanctioned by the Department of Food and Public Distribution via Notification No. 39/2023 – Customs on 14th June 2023.
By adjusting the tax bracket, the landed cost of edible oils is also impacted. This, in turn, affects domestic retail prices, ultimately benefiting the consumers.
The latest revision in Import Duties on Refined Soyabean Oil and Refined Sunflower Oil comes after a previous cut from 32.5% to 17.5% in October 2021. The motive behind this adjustment is to mitigate the impact of high international prices on domestic rates.
Conclusion: Government’s Watchful Eye on Edible Oil Prices
This recent reduction is part of the government’s ongoing efforts to ensure that consumers can afford essential commodities like edible oils. The Department of Food and Public Distribution, under the Ministry of Consumer Affairs, Food and Public Distribution, continues to monitor the prices and availability of Edible Oil across the nation. Through such initiatives, the government strives to make sure that the citizens have access to essential commodities at affordable prices.
The reduced Basic Import Duty will remain effective until 31st March 2024, offering a respite for consumers for almost a year. This move signifies the government’s commitment towards making essential commodities more affordable for the public.
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 39/2023-Customs | Dated: 14th June, 2023
G.S.R. 439(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 48/2021-Customs, dated the 13th October, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 733(E), dated the 13th October, 2021, namely:-
In the said notification, in the Table,
i. against S. No. 2, in column (4), for the entry, the entry “12.5%” shall be substituted;
ii. against S. No. 6, in column (4), for the entry, the entry “12.5%” shall be substituted.
This notification shall come into force with effect from the 15th day of June, 2023.
[F. No. CBIC-190354/227/2022-TO(TRU-I)]
NITISH KARNATAK, Under Secy.
Note : The principal notification No. 48/2021-Customs, dated the 13th October, 2021, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 733(E), dated the 13th October, 2021, and was last amended vide notification No. 65/2022-Customs, dated the 29th December, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 909(E), dated the 29th December, 2022.
