Import duty on crude palm oil cut to 5.5% to cool edible oil prices

Central Board of Indirect Taxes and Customs (CBIC) reduced the effective duty on crude palm oil import from 8.25% to 5.5%. CBIC aims to control cooking oil prices and support domestic processing companies with this move. Effective from Sunday, CBIC has cut agri infra development cess to 5% and extended reduced import duty on crude oils by six months.