Extension of Concessional Import Duties on Edible Oils up to 31st March 2025

Seeks to amend notification Nos. 48/2021 and 49/2021 dated 13.10.2021 – Customs both dated 13.10.2021 in order to extend the existing concessional import duties on specified edible oils up to and inclusive of the 31st March 2025

Introduction: The Ministry of Finance, through Notification No. 01/2024-Customs, has announced an amendment to extend concessional import duties on specified edible oils until March 31, 2025. This move holds significant implications for the import landscape and aims to address specific concerns within the edible oils sector.

Detailed Analysis: The amendment, seeking to modify notification Nos. 48/2021 and 49/2021 dated 13.10.2021, is executed under the powers conferred by sub-section (1) of section 8 of the Customs Tariff Act, 1975. The Second Schedule to the Customs Tariff Act undergoes a crucial modification, introducing a new entry after S. No. 9A. The addition is labeled as S. No. 9B and pertains to “1703 Molasses resulting from the extraction or refining of sugar,” with a specified import duty of 50%.

This alteration is not only a reflection of the government’s assessment of the economic landscape but also a proactive measure to address immediate concerns related to the importation of specific commodities. The effective date of this amendment is slated for January 18, 2024, signaling the government’s urgency in implementing these changes.

The extension of concessional import duties on specified edible oils up to and inclusive of March 31, 2025, is a strategic move to stabilize the market, promote economic objectives, and potentially influence the dynamics of the edible oils sector.

Conclusion: Notification No. 01/2024-Customs marks a significant development in the realm of import duties, specifically focusing on edible oils. The amendment, driven by the Ministry of Finance, showcases the government’s commitment to addressing economic challenges promptly. As the extension of concessional import duties carries through to March 31, 2025, businesses and stakeholders in the edible oils industry should closely monitor and adapt to the evolving regulatory landscape. This amendment not only influences trade dynamics but also reflects the government’s proactive approach in supporting key sectors for overall economic stability.

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MINISTRY OF FINANCE
(Department of Revenue)
New Delhi

Notification No. 01/2024-Customs | Dated: 15th January, 2024

G.S.R. 39(E).—Whereas, the Central Government is satisfied that export duty should be levied on certain articles and that circumstances exist which render it necessary to take immediate action.

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 8 of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), the Central Government, hereby directs that the Second Schedule to the Customs Tariff Act shall be amended in the following manner, namely: –

In the Second Schedule to the Customs Tariff Act, after S. No. 9A and the entries relating thereto, the following Sl. No. and entries relating thereto shall be inserted, namely: –

2. This notification shall come into force on the 18^th of January, 2024.

[F. No. CBIC-190354/9/2024-TO(TRU-I)]
AMREETA TITUS, Dy. Secy.