India hikes customs duty on crude, refined sunflower, soybean oil – CNBC TV18

India hikes customs duty on crude, refined sunflower, soybean oil – CNBC TV18

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The Indian government on Friday (September 13) hiked customs duty on crude and refined sunflower oil to 20% and 32.5%, respectively.
According to a finance ministry notification, the basic customs duty on crude palm, soybean and sunflower seed oil has been increased from nil to 20%. Basic customs duty on refined palm, soybean and sunflower oil has been hiked from 12.5% to 32.5%.

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The effective duty on these crude oils and refined oils will increase from 5.5% to 27.5% and from 13.75% to 35.75%, respectively. The duty changes are effective from Saturday, the notification said.

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