Govt Levies 50% Export Responsibility On Molasses; Extends Decrease Import Duties On Edible Oil Until March 2025

NEW DELHI : The Authorities has imposed 50% responsibility on exports of molasses, a by-product of sugarcane used as uncooked materials for alcohol manufacturing, with impact from January 18. A Finance Ministry notification mentioned molasses ensuing from the extraction or refining of sugar will appeal to 50% export responsibility.
In one other notification, the Finance Ministry prolonged the present concessional responsibility charges on imports of crude and refined edible oils — palm, soyabean and sunflower — by one 12 months until March 31, 2025.
The fundamental import responsibility on refined soyabean oil and sunflower oil was reduce to 12.5% from 17.5%, in June final 12 months. India imports palm oil primarily from Indonesia and Malaysia, and a small amount of crude delicate oil, together with soyabean from Argentina. Sunflower oil is imported from Ukraine and Russia. (Companies)