Good news: Eating oil will be cheaper! Government has reduced the import tax

Good news: Eating oil will be cheaper! The government has last updated the import tax: 31 May 2025, 00:01 IST Edible oil price: The central government took a big step to give the general public relief. The government on Friday reduced the basic import tax on crude food oil by 10 percent. Food oil inflation will be reduced by the government. This change applies from 31 May 2025. India imports more than 70% of vegetable oil. New -delhi. News for the general public. The central government has taken a big step to control the prices of food oil. According to the news agency Reuters, the central government on Friday reduced the basic import tax on crude food oils by 10 percent. The government gave this information in a notice. According to the notice, this change will apply from 31 May. The oil coming from foreign markets will now be cheaper due to reducing import taxes, which is expected to control prices in the domestic market. India meets the demand for more than 70 percent of its vegetable oil through imports. It mainly buys palm oils from Indonesia, Malaysia and Thailand, while Argentina, Brazil, Russia and Ukraine import soybean oil and sunflower oil. How much will be taxes now? Earlier, the government reduced the basic custom service on rough palm oil, raw soybean oil and raw sunflower oil from 20 percent to 10 percent. After this new cut, the total import tax on these three oils will be reduced from 27.5 percent to 16.5 percent. This is because they also seem to have India’s agriculture infrastructure and development outages and social welfare surcharge. When were there changes in taxes before that? In September 2024, India imposed a basic custom of 20 percent on rough and refined vegetable oil. After the change, rough palm oil, crude soybean oil and raw sunflower oil used to pay 27.5 percent import tax, while it was 5.5 percent. Refined degrees of these three oils are now imposed 35.75 percent import tax. Over the past five years, author Vinoy Jha has been working as a senior copy editor in News18hindi after starting his career with print media. Business News Team has been part of the team for almost 2 years. He has a decade of experience in journalism. … Read more, after the past five years have started a career with print media, there is a senior copy editor in News18hindi. Business News Team has been part of the team for almost 2 years. He has a decade of experience in journalism. … Read more about India Pakistan’s latest news on News18 India Location: New -Delhi, Delhi Homebusiness Good News: Eating oil will be cheaper! Government has reduced the import tax