SOPA asks govt to maintain existing duty structure on soyoil

Joseph B. Hash

The Soybean Processors Affiliation of India (SOPA) has urged the Authorities to maintain the existing duty structure on soybean oil and sunflower seed oil. In a letter to Piyush Goyal, Union Minister for Commerce and Industry, Davish Jain, Chairman of SOPA, said that the nations exporting edible oil normally acquire […]

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

In a letter to Piyush Goyal, Union Minister for Commerce and Industry, Davish Jain, Chairman of SOPA, said that the nations exporting edible oil normally acquire edge of India’s placement as the 2nd largest importer. The reduction in customs duty in India is, most of the time, negated by either an raise in edible oil rate by the exporters or by a levy of export tax by the govt in the exporting place, he said.

Supplying the instance of the Government’s move to reduce customs duty on crude palm oil (CPO) on November 26, he said Indonesia, the largest exporter of CPO, has increased the export tax by $30 for every tonne. In the approach, component of the profit of duty reduction has long gone to the Indonesian govt, he said.

Stating that the Authorities will be shedding profits devoid of any substantial profit to the individuals, he said any reduction in customs duty sends a negative sign to the oilseed farmers.

“We would earnestly request the govt to maintain the existing duty structure on soybean oil and sunflower seed oil in the desire of Indian oilseed farmers,” he said in the letter.

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