NEW DELHI: Ministry of Finance has exempted imports of crude oil from tax Soybean and sunflower oils are exempt from basic tariffs and agricultural infrastructure and development under certain conditions until June 30.
The duty exemption only applies to importers holding a TRQ (tariff quota) license for fiscal year 2022-23.
The tariff quota allows a certain amount of imports at relatively low tariffs. Once the volume limit is reached, further imports are subject to a higher tariff. The tariff quota is allocated to the importers by the EU Directorate-General for Foreign Trade (DGFT).
Through a notice, the Treasury Department allowed imports of crude soybean oil and crude sunflower oil at zero base rate and zero AIDC for FY23 TRQ license holders through June 30, 2023.
“This Notice is effective as of May 11, 2023 and none of the provisions contained herein shall apply after June 30, 2023,” the ministry said.
The duty exemption only applies to importers holding a TRQ (tariff quota) license for fiscal year 2022-23.
The tariff quota allows a certain amount of imports at relatively low tariffs. Once the volume limit is reached, further imports are subject to a higher tariff. The tariff quota is allocated to the importers by the EU Directorate-General for Foreign Trade (DGFT).
Through a notice, the Treasury Department allowed imports of crude soybean oil and crude sunflower oil at zero base rate and zero AIDC for FY23 TRQ license holders through June 30, 2023.
“This Notice is effective as of May 11, 2023 and none of the provisions contained herein shall apply after June 30, 2023,” the ministry said.
