The Central Board of Indirect Taxes (CBIC) has issued a notification to provide global TRQ of 20 LMT per FY to Crude Sunflower Oil and Crude Soyabean Oil for 2 yrs exempting from whole of BCD and AIDC.
A few days ago, the Director-General of Foreign Trade (DGFT) has notified provisions for allocation of Tariff Rate Quota (“TRQ”) for Import of 20 Lakh MT of Crude Soya bean oil and 20 Lakh MTS of Crude Sunflower oil for FY 2022-23 and 2023-24.
The notification issued on Tuesday stated that “the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods of the description specified in column (3) of the Table below, falling under the sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the ‘Customs Tariff Act’), as specified in the corresponding entry in column (2) of the said Table, in such quantity of total imports of such goods in a financial year, as specified in column (4) below (herein after referred to as the ‘Tariff Rate Quota (TRQ) quantity’), when imported into India, from the whole of the customs duty leviable thereon under the First Schedule to the Customs Tariff Act and from the whole of the Agriculture Infrastructure and Development Cess leviable thereon under the said section of the Finance Act, 2021, subject to the condition specified in the Annexure to this notification.”
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