May 22, 2024

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SOPA asks govt to maintain existing duty structure on soyoil

The Soybean Processors Association of India (SOPA) has urged the Authorities to maintain the existing duty composition on soybean oil and sunflower seed oil.

In a letter to Piyush Goyal, Union Minister for Commerce and Marketplace, Davish Jain, Chairman of SOPA, said that the countries exporting edible oil usually take gain of India’s position as the next greatest importer. The reduction in customs duty in India is, most of the time, negated by both an boost in edible oil rate by the exporters or by a levy of export tax by the federal government in the exporting nation, he said.

Offering the instance of the Government’s shift to decrease customs duty on crude palm oil (CPO) on November 26, he said Indonesia, the greatest exporter of CPO, has improved the export tax by $30 per tonne. In the procedure, portion of the gain of duty reduction has absent to the Indonesian federal government, he said.

Stating that the Authorities will be shedding earnings with out any sizeable gain to the individuals, he said any reduction in customs duty sends a unfavorable signal to the oilseed farmers.

“We would earnestly request the federal government to maintain the existing duty composition on soybean oil and sunflower seed oil in the curiosity of Indian oilseed farmers,” he said in the letter.