Ministry of Finance has amended the duration of the exemption granted to certain goods from custom duty. These goods include crude soyabean oil, whether or not degummed and crude sunflower seed oil.
When such goods meet the Tariff Rate Quota (TRQ) quantity and are imported into India, they shall be exempt from the whole of the customs duty leviable thereon under the First Schedule to the Customs Tariff Act and from the whole of the Agriculture Infrastructure and Development Cess leviable thereon under the said section of the Finance Act, 2021.
This suspension will be effective from 31st March, 2023.
