May 26, 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 Federal government to keep the current obligation structure 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 nations around the world exporting edible oil often take advantage of India’s place as the 2nd major importer. The reduction in customs obligation in India is, most of the time, negated by possibly an raise in edible oil value by the exporters or by a levy of export tax by the govt in the exporting state, he said.

Providing the occasion of the Government’s shift to cut down customs obligation on crude palm oil (CPO) on November 26, he said Indonesia, the major exporter of CPO, has elevated the export tax by $30 per tonne. In the method, element of the reward of obligation reduction has long gone to the Indonesian govt, he said.

Stating that the Federal government will be shedding revenue devoid of any considerable reward to the buyers, he said any reduction in customs obligation sends a destructive signal to the oilseed farmers.

“We would earnestly request the govt to keep the current obligation structure on soybean oil and sunflower seed oil in the curiosity of Indian oilseed farmers,” he said in the letter.