Crude, RBD Palm Oil Duty Cut by 5%

·      Crude, Refined Soybean Oil, Sunflower Crude, Refined Oil down by 12.5%

·      ADIC Raised to 2.5% on CPO, Net effect 5%

·      Separate Notification 34/29.06.2021 for CPO and RBD Palm Oil Rescinded, Amendment only in Jumbo Ntfn 50/2017

[Customs Notification No. 42 dated 10 September 2021]

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby amends the following notifications of the Government of India in the Ministry of Finance (Department of Revenue) specified in column (2) of the Table below, to the extent specified in the corresponding entries in column (3) of the said Table, namely:-

Table

S. No.

Notification No. and Date

Amendments

(1)

(2)

(3)

1.

50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E)., dated the 30th June, 2017

In the said notification, in the Table-

(i) against S. No. 57, in column (4), for the entry, the entry “2.5%” shall be substituted;

(ii) against S. No. 61, in column (4), for the entry, the entry “2.5%” shall be substituted;

(iii) against S. No. 62, in column (4), for the entry, the entry “32.5%” shall be substituted;

(iv) against S. No. 65, in column (4), for the entry, the entry “32.5%” shall be substituted;

(v) against S. No. 70, in column (4), for the entry, the entry “2.5%” shall be substituted;

(vi) against S. No. 71, in column (4), for the entry, the entry “32.5%” shall be substituted;

2.

11/2021-Customs, dated the 1st February, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 69(E)., dated the 1st February, 2021

In the said notification, in the Table-

(i) against S. No. 7, in column (3), for the entry, the entry “Crude Palm Oil” shall be substituted;

(ii) against S. No. 7, in column (4), for the entry, the entry “20%” shall be substituted;

2. This notification shall come into effect on the 11th September, 2021.

[F. No. CBIC-190354/189/2021-TRU]

Extract from Jumbo Ntfn 50/30.06.2017

 

SNo.

Chapter or Heading or Sub-heading or Tariff Item

Description of Goods

Standard Rate

IGST

Condition No.

57.

1511 10 00

Crude Palm Oil

[42/10.09.2021 – Rate Cut to 2.5% from 15%;
02/01.02.2021 – Duty reduced to 15% from 27.5%;
[43/26.11.2020 – SNo. 57 amended - Fin Min Reacts to Price Rise, Cuts CPO Duty by 16.5% to 27.5% from 44% w.e.f 27 November 2020]

2.5%
15% 27.5% 44%

-

-

61.

1507 10 00

All goods (Crude Oil, whether or not degummed)
[42/10.09.2021 – Rate Cut to 2.5% from 15%;
02/01.02.2021 –Duty reduced to 15% from 35%;
71/11.08.2017 – Duty raised to 17.5% from 12.5%;
87/17.11.2017 – 30% from 17.5%;
47/14.06.2018 – 35% from 30%]

2.5%
15% 35% 30%
17.5% 12.5%

-

-

62.

1507 90 10

All goods (Edible grade)
[42/10.09.2021 – Rate Cut to 32.5% from 45%;
87/17.11.2017 – Duty raised to 35% from 20%;
47/14.06.2018 – 45% from 35%]

32.5%
45% 35%
20%

-

-

65.

1511 90

All goods (other – Refined bleached deodorized palm oil, Palmolein, Palm Stearin)
[42/10.09.2021 – Rate Cut to 32.5% from 54%;
71/11.08.2017 – Duty raised to 25% from 15%;
87/17.11.2017 – 40% from 25%;
29/01.03.2018 – 54% from 40%]

32.5%
54%
40%
25% 15%

-

-

70.

1512 11 10

All goods (Sunflower seed oil)
[42/10.09.2021 – Rate Cut to 2.5% from 15%;
02/01.02.2021 –Duty reduced to 15% from 35%;
87/17.11.2017 – Duty raised to 25% from 12.5%;
47/14.06.2018 – 35% from 25%]

2.5%
15% 35% 25%
12.5%

-

-

71.

1512 19 10

All goods (Sunflower oil, edible grade)
[42/10.09.2021 – Rate Cut to 32.5% from 45%;
87/17.11.2017 – Duty raised to 35% from 20%;
47/14.06.2018 – 45% from 35%]

32.5%
45% 35%
20%

-

-

 

Extract from ADIC Ntfn 11/01.02.2021

 

SNo.

Chapter or Heading or Sub-heading or Tariff Item

Description of Goods

Rate

7

1511 10 00

All goods Crude Palm Oil

[42/10.09.2021 – Description Changed and Rate Raised to 20% from 17.5%

20% 17.5%