Guwahati: The Government of India has exempted 20 lakh metric tonnes of crude Soyabean oil and crude sunflower oil imports from customs tax and agriculture infrastructure development cessation, in order to reduce local costs.

The commerce ministry announced the allotment of tariff-rate quotas (TRQ) for 20 lakh metric tonnes of crude soybean oil and crude sunflower oil for 2022-23 and 2023-24, respectively.

TRQ is a quota for a volume of imports that will enter India at a set or zero duty, but after the quota is achieved, additional imports will be subject to the usual tariff.

The duty-free import of crude soyabean oil and crude sunflower oil will be available for two fiscal years, 2022-23 and 2023-24. "Provisions for the allocation of tariff-rate quotas (TRQ) for 20 lakh MT of crude soybean oil and 20 lakh MT of crude sunflower oil for 2022-23 and 2023-24 have been notified," stated the Director General of Foreign Trade (DGFT) in a public notice.

The TRQS will be valid for one year from the date of issuance.