Govt Levies 50% Export Duty On Molasses; Extends Lower Import Duties On Edible Oil Till March 2025

TNN Bureau. Updated: 1/16/2024 1:36:28 PM Business and Economy

NEW DELHI, Jan 16: The Government has imposed 50% duty on exports of molasses, a by-product of sugarcane used as raw material for alcohol production, with effect from January 18. A Finance Ministry notification said molasses resulting from the extraction or refining of sugar will attract 50% export duty.
In another notification, the Finance Ministry extended the existing concessional duty rates on imports of crude and refined edible oils — palm, soyabean and sunflower — by one year till March 31, 2025.
The basic import duty on refined soyabean oil and sunflower oil was cut to 12.5% from 17.5%, in June last year. India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean from Argentina. Sunflower oil is imported from Ukraine and Russia.

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