Tariff Value
on Palm Oil and Palmolein Cut by US$ 97 per MT and
US$ 112 per MT to Reduce Import Price, Duty impact will vary from 30 to 54%
· Gold
and Silver Tariff Value Table 2 and Table 3 Missing from the Table. Corrigendum
to be issued
·
Brass Scrap, and Areca Nuts Tariff
Value also missing in the Table
In an attempt to give
relief to the consumers, the government on Wednesday reduced the benchmark
import price of edible oil. In this regard, the import tariff value on crude
palm oil was reduced by $87 to $1,136/tonne, while
crude soya oil import tariff value reduced by $37 to $1,415/tonne.
The Central Board of
Indirect Taxes and Customs through Ministry of Finance said in a notification
about the benchmark import price cut. The notification reads that the new rates
shall come into force with effect from the 17th day of June, 2021.
While other oil
imports such as RBD palm oil reduced to $1148/tonne,
others-palm oil $1142/tonne, crude palmolein to $1150/tonne, RBD palmolein to $1153/tonne and
others – palmolein to $1152/tonne,
the government notification read.
India’s monsoon-sown
oilseeds output is seen rising 15% from a year earlier to 25.73 million tons in
2020-21, according to the farm ministry. Lately, edible oil prices have been
skyrocketed with the rise in the oil prices across categories in international
markets.
In the commodity
markets, crude palm oil jumped over two per cent to Rs
1022 per 10 kgs, while, crude soya oil rose by around
one hand a half per cent to Rs 1296 per 10 kgs on Wednesday.
The government, in
March, had raised the import duty on crude palm oils from 30 per cent to 44 per
cent, while that on refined palm oils to 54 per cent from 40 per cent.
[Notification No. 53
/2021-CUSTOMS (N.T.) dated 16 June 2021]
S.O. … (E).– In exercise of the powers conferred by
sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the
Central Board of Indirect Taxes & Customs, being satisfied that it is
necessary and expedient to do so, hereby makes the following amendments in the
notification of the Government of India in the Ministry of Finance (Department
of Revenue), No. 36/2001-Customs (N.T.),
dated the 3rd August, 2001, published in the Gazette of India,
Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E),
dated the 3rd August, 2001, namely:-
In the said notification, for TABLE-1, TABLE-2, and
TABLE-3 the following Tables shall be substituted, namely: -
|
“TABLE-1 |
||||
|
Sl. No. |
Chapter/ heading/
sub-heading/tariff item |
Description of
goods |
Tariff value (US
$Per Metric Tonne) |
Tariff value (US
$Per Metric Tonne) As on 15.06.2021 |
|
(1) |
(2) |
(3) |
(4) |
|
|
1 |
1511 10 00 |
Crude Palm Oil |
1136 |
|
|
2 |
1511 90 10 |
RBD Palm Oil |
1148 |
|
|
3 |
1511 90 90 |
Others – Palm Oil |
1142 |
|
|
4 |
1511 10 00 |
Crude Palmolein |
1150 |
|
|
5 |
1511 90 20 |
RBD Palmolein |
1153 |
|
|
6 |
1511 90 90 |
Others – Palmolein |
1152 |
|
|
7 |
1507 10 00 |
Crude Soya bean
Oil |
1415 |
|
2.
This notification shall come into force with
effect from the 17th day of June, 2021
[F.
No. 467/01/2021-Cus-V]