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India cuts tax on crude, refined palm oil imports from Asean countries
[MUMBAI] India slashed import tax on crude and refined palm oil sourced from Southeast Asian (Asean) countries after request from suppliers, a government notification said late on Monday.
The duty on crude palm oil was lowered to 40 per cent from 44 per cent, while a tax on the refined variety was cut to 50 per cent from 54 per cent, the notification said. The cuts took effect on Tuesday.
In March 2018, India had raised import tax on crude palm oil to 44 per cent from 30 per cent and lifted the tax on refined palm oil to 54 percent from 40 percent.
India relies on imports for 70 per cent of its edible oil consumption, up from 44 per cent in 2001/02.