New Delhi: The central government has exempted customs duty and agriculture infrastructure and development cess imposed on crude soybean oil and crude sunflower seed oil subject to the terms of the Tariff Rate Quota Authority (TRQ) till June 30. Duty exemption is applicable only for importers having TRQ. (Tariff Rate Quota) license for the financial year 2022-23. Under TRQ, a certain amount of imports are permitted at a relatively lower tariff. Once the quantity limit is reached, a higher tariff applies to additional imports. TRQ is allotted to importers by the Directorate General of Foreign Trade (DGFT).
Through a notification, the finance ministry allowed import of crude soybean oil and crude sunflower oil at zero basic customs duty and zero AIDC for TRQ license holders for FY23 till June 30, 2023. “This notification shall come into force on the 11th day of May, 2023, and nothing contained in this notification shall apply after the 30th day of June, 2023,” the ministry said.
(with inputs from agencies)