Govt cuts import duty on sunflower seeds to 10%
The Dollar Business Bureau
The Government has announced a cut in the import duty on sunflower seeds to 10% from 30%.
The Department of Revenue, Ministry of Finance, has issued a notification (No.9/2017 - Customs) on Thursday, amending the earlier notification No.12/2012-Customs, dated March 17, 2012. It has fixed the import duty on sunflower seeds at 10% and shall come into effect from April 1, 2017
“Amendment to Notification No.12/2012-Customs, so as to reduce the basic Customs duty from 30% to 10% on sunflower seeds falling under tariff item 1206 00 90 (i.e. other than of seed quality) for the purpose of extraction and refining of oil subject to actual user condition, for the period from April 1, 2017 to September 30, 2017," the notification detailed.
This move by the government is a respite to the oil processing industry as it has been demanding a reduction in import duty on oil seeds from a long time.
India is the biggest importer of vegetable oils in the world, mainly that of sunflower oil. Therefore, the reduction in the import duty on sunflower seeds can result in an increased supply to the processing industry in the country.