Festival Bonanza – Crude and Refined Oil Duty Raised by 5% to 10%

· Crude Palm Oil Duty Raised to 15% from 7.5%

· Soyabean Oil to 17.5% from 12.5%

· Refined Palm Oil to 25% from 15%

[Ref: Notification No. 71/2017-Customs dated 11 August 2017]

Seeks to further amend notification No.50/2017-Customs dated the 30th June, 2017, so as to 
1> Increase the BCD on crude soya bean oil from 12.5% to 17.5%; 
2> Increase the BCD on crude palm oil of edible grade from 7.5% to 15%; and 
3> Increase the BCD on refined palm oil of edible grade from 15% to 25%.

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 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, namely:-

In the said notification, in the Table,-

(i) against serial number 57, in column (4) against clauses (A), (B) and (C) of item II of column (3), for the entry “7.5%” the entry “15%” shall be substituted;

(ii) against serial number 61, in column (4), for the entry “12.5%” the entry “17.5%” shall be substituted;

(iii) against serial number 65, in column (4), for the entry “15%” the entry “25%” shall be substituted;

[F.No. 354/203/2012- TRU]