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Which tax on crude Palm oil was recently reduced to 10 per cent?
A)
Customs Duty
B)
Excise Duty
C)
Goods and Services Tax
D)
None of the above

Correct Answer : Option (A) - Customs Duty


As per a recent notification by the Central Board of Indirect Taxes and Customs (CBIC), the basic customs duty on crude palm oil has been cut to 10 per cent and refined palm oil to 37.5 per cent.
This tax cut could make palm oil more attractive than rival soyoil and sunflower oil, which will boost imports and bring down the edible oil prices. This lower tax rate will apply from June 30 to September 30.

Published On : July 18, 2021
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