India has cut its tax on crude palm oil (CPO) imports to 5% from 7.5%, the government said in a notification, as the world's biggest edible oil importer tries to rein in local prices of the commodity and help domestic refiners and consumers.
The reduction in the tax, known as the Agriculture Infrastructure and Development Cess , will widen the gap between the CPO and refined palm oil import duties, effectively making it cheaper for Indian refiners to import CPO, industry officials told Reuters.Register
"This will help Indian refiners, but government needs to increase the difference further to 11% to encourage local refining." India imports more than two-thirds of its edible oil needs and has been struggling to contain a rally in local oil prices over the last few months. Refined palm oil imports accounted for nearly half of India's total palm oil imports in the past few months, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India Legalizes Crypto: Digital Rupee CBDC and Taxation of Virtual Digital Assets Explained Simply | HackerNoon'India Legalizes Crypto: Digital Rupee CBDC and Taxation of Virtual Digital Assets Explained Simply' by utsav_jaiswal1 crypto india
Read more »
Samsung ships Snapdragon-powered Galaxy S22 units to IndiaConsumers in India looking to purchase one of the new Galaxy S22 series handsets might be surprised to find that they are powered by a Snapdragon chipset.
Read more »
Why India Isn’t Buying NFTs (Yet)Interviews with Indian NFT platforms reveal a mismatch of NFT supply and demand. While many Indian artists, Bollywood celebrities and sports stars have launched NFTs, there's a lack of collectors to buy the offerings, says tanvi_ratna. Opinion NFTs
Read more »
In India, comedians can face arrest for making the wrong kind of jokesWhile comedy can be polarizing all over the world, in India telling jokes about Hinduism or being associated with someone who insults the majority faith can be enough to prompt legal action.
Read more »
India will launch its first space mission of 2022 tonight. Here's how to watch live.The mission's main satellite will observe Earth after a related satellite was lost during launch in 2021.
Read more »
Russia invasion worries raise oil prices, likely increase at U.S. gas pumpsThe price of crude oil increased 5 percent to $94.66 before closing at $93.10 on Friday, according to U.S. West Texas Intermediate crude features.
Read more »