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Business Upturn
10 hours ago
- Business
- Business Upturn
Godrej Consumer Products shares jump 5% after government cuts import duty on crude edible oil by 10%
Godrej Consumer Products Ltd. shares gained 5% in early trading following the central government's announcement to reduce import duties on crude edible oils. As of 9:22 AM, the shares were trading 5.06% higter at Rs 1,293.70. Effective from May 30, the government has lowered the basic customs duty on crude palm oil, crude soyoil, and crude sunflower oil from 20% to 10%. Including the Agriculture Infrastructure and Development Cess and the Social Welfare Surcharge, the overall import duty has decreased from 27.5% to 16.5%. This move aims to boost domestic demand and increase imports of key edible oils such as palm oil, soyoil, and sunflower oil. The reduction in import duty is expected to help lower edible oil prices in the domestic market. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
India Today
3 days ago
- Business
- India Today
India reduces import tax on crude edible oils by 10% to bring down food prices
India halved the basic import tax on crude edible oils to 10 per cent on Friday, the government said, as the world's biggest vegetable oil importer tries to bring down food prices and help the local refining customs duty applies to crude palm oil FCPOc3, crude soy oil BOc2 and crude sunflower will effectively bring down the total import duty on the three oils to 16.5 per cent from earlier 27.5 per cent as they are also subject to India's Agriculture Infrastructure and Development Cess and Social Welfare "This is a win-win situation for vegetable oil refiners as well as consumers, as local prices will go down due to the duty reduction," said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA).The government did not change the import duty on refined palm oil, refined soyoil or refined sunflower oil, which currently attract a 35.75 per cent import import duty gap between refined and crude edible oils has risen to 19.25 per cent, which will prompt importers to bring in crude edible oils instead of refined oils and boost the local refining industry, Mehta meets more than 70 per cent of its vegetable oil demand through imports. It buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Bajoria, CEO of Sunvin Group, a vegetable oil brokerage, said the cut in the basic duty would bring down edible oil prices and help revive retail demand, which has been subdued in recent months.
