The Finance Ministry said in a notification on Tuesday that the exemption, effective from May 25, 2022, will in place for the ongoing fiscal, as well as the next financial year.
To ease domestic pressure, the Centre has exempted 20 lakh metric tonnes of yearly imports of crude soyabean and sunflower oil from customs duty and farm infrastructure development cessation.
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In a notification issued on Tuesday, the Union Ministry of Finance said it has exempted these items as it deems them essential and in the broader public interest — the move will greatly benefit the customers, the ministry said.
The ministry stated in the notification that the exemption, effective from May 25, 2022, will in place for the ongoing fiscal, as well as the next financial year.
To curb soaring rates, the government had slashed excise tax on petrol and diesel on May 20, and canceled import duty on several raw materials used in the steel and plastic industries. Furthermore, the export tariff on iron ore and iron pellets was raised.
WPI or wholesale price inflation hit a record high of 15.08 percent in April, while retail inflation hit a nearly eight-year high of 7.79 percent due to the rise in price across all items, from fuel to vegetables and edible oil.
(Edited by : Anand Singha)