The Finance Ministry has exempted imports of crude soyabean and sunflower oil from basic customs duty and agriculture infrastructure and development cess till June 30, subject to certain conditions.
The duty exemption is applicable only for importers holding TRQ licence for 2022-23 fiscal.
Under TRQ, a certain volume of imports are allowed at relatively low tariffs. Once the volume limit is reached, a higher tariff applies to additional imports. TRQ is allotted to importers by the Directorate General of Foreign Trade (DGFT).
