Business News | Central Govt Scraps Customs Duty on Crude Palm, Soy, Sunflower Oil
Get latest articles and stories on Business at LatestLY. The Centre has scrapped customs duty on crude varieties of palm, soybean, and sunflower oil, the Minister for Consumer Affairs, Food and Public Distribution Piyush Goyal informed on Wednesday.
New Delhi [India], October 14 (ANI): The Centre has scrapped customs duty on crude varieties of palm, soybean, and sunflower oil, the Minister for Consumer Affairs, Food and Public Distribution Piyush Goyal informed on Wednesday.
The move is expected to bring down prices and increase domestic availability in the festive season.
"Keeping in mind the interests of the consumers, the Narendra Modi-led government has decided to scrap customs duty on crude varieties of palm, soybean, and sunflower oil. This will bring down the prices of edible oil and benefit crores of consumers," read Goyal's tweet roughly translated from Hindi.
The duty cuts will be effective from October 14 till March 31 next year, the Central Board of Indirect Taxes and Customs (CBIC) said in a notification. (ANI)
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(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)