New Delhi, May 24 (FN Agency) In yet another move to contain spiralling inflation, the central government on Tuesday allowed import of 20 lakh MT each of crude soyabean oil and crude sunflower oil at nil rate of customs duty and agricultural infrastructure and development cess for a period of two years. The custom notification issued in the regard said the nil rate would come into force on May 25, 2022. The notification said that exempting edible oils from custom duty and agricultural infrastructure and development cess was necessary in public interest.
The nil rate would be applicable till March 31, 2024. “This notification shall come into force on the 25th day of May, 2022, and nothing contained in this notification shall apply to the goods specified against serial number 1 and 2 of the Table above after the 31st day of March, 2024,” said the notification issued on Tuesday. The move has come days after government reduced central excise duty on petrol by Rs 8 per litre and on diesel by 6 per litre. Announcing the rate cut, Finance Minister Nirmala Sitharaman had on May 21 said that as a result of the excise duty cut petrol would be cheaper by Rs 9.5 per litre while diesel would cost Rs 7 per litre less.