Big Change: Custom duty on edible oil suddenly increased… Government made this big announcement regarding onion

Taking a big decision, the government led by Prime Minister Narendra Modi has increased the custom duty on crude and refined oil. This increase has been made on sunflower oil, palm oil and soybean oil. According to the government notification, it has been increased from zero to 20 percent on crude oil, while the custom duty on refined oil has now been increased to 32.5 percent.

Direct increase of 20% in custom duty
According to PTI, the notification issued by the Finance Ministry said that the government has announced to increase the basic customs duty for crude and refined sunflower oil, palm oil and soybean oil. It has been increased to 20 percent and 32.5 percent. After the change in custom duty, the new rates have been implemented from today i.e. 14 September 2024. Basic customs duty on crude is 0-20%, while on refined oil it has now been made 12.5-32.5%.

After the increase in Basic Custom Duty, the effective duty on crude oil and refined oils will increase from 5.5 percent to 27.5 percent and from 13.75 percent to 35.75 percent respectively.

This decision was taken amid rising onion prices
Along with increasing the custom duty on edible oils, the government has taken another big decision and given relief news to onion farmers. Actually, Modi Govt has removed the minimum export price on onions. The effect of this step of the government can also be seen on the onion prices which have been rising continuously for the last few days.

In this regard, DGFT has issued a notification saying that it has been decided to remove MEP on onion exports till further orders. Apart from onions, the government has also removed the minimum export price on Basmati Rice exports.

Farmers will get tremendous benefit
The report quoted a government official as saying that the government’s decision to increase custom duty on edible oils will greatly benefit farmers, as it will increase their income. He also said that the decision to remove the minimum export price from Basmati rice and onion has also been taken in the interest of farmers and this will also help the farmers of the country.