The basic import duty on refined soyabean oil and sunflower oil was cut to 12.5% from 17.5%, in June last year.
The government has imposed 50% duty on exports of molasses, a by-product of sugarcane used as raw material for alcohol production, with effect from January 18. A Finance Ministry notification said molasses resulting from the extraction or refining of sugar will attract 50% export duty.
In another notification, the Finance Ministry extended the existing concessional duty rates on imports of crude and refined edible oils — palm, soyabean and sunflower — by one year till March 31, 2025. The basic import duty on refined soyabean oil and sunflower oil was cut to 12.5% from 17.5%, in June last year. I