Business

Government Imposes 50% Duty On Molasses Export, Existing Concessional Duty On Crude Oil Imports Extended

The government has imposed 50 percent duty on exports of molasses, a by-product of sugarcane used as raw material for alcohol production, with effect from January 18.

Duty on crude oils extended by 1 year

A finance ministry notification said molasses made from the extraction or refining of sugar will attract 50 per cent export duty. In another notification, the finance ministry extended the existing concessional duty rates on imports of crude and refined edible oils like palm, soyabean and sunflower by one year till March 31, 2025.

The basic import duty on refined soyabean oil and sunflower oil was cut to 12.5 per cent from 17.5 percent, in June last year.

India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean from Argentina. Sunflower oil is imported from Ukraine and Russia.

Also Read: Ram Mandir’s ‘Pran Pratistha’ Ceremony Starts Today

Shivanshi Srivastava

Recent Posts

Agricultural Output Grew 54.6% Over 12 Years; Reveals NSO Report

The NSO has reported a 54.6% rise in the Gross Value of Output from agriculture…

2 mins ago

Iranian Minister Calls Out President Trump For ‘Disrespectful’ Tone Toward Khamenei

Iranian Foreign Minister Seyed Abbas Araghchi on Saturday called on US president Donald Trump to abandon what he…

1 hour ago

Gautam Adani Reaches Bhubaneswar; Set to Participate In Jagannath Rath Yatra

Gautam Adani, Chairperson of the Adani Group, arrived in Bhubaneswar and proceeded to Puri to…

2 hours ago

Cold Showers Vs Warm Showers: What’s Best To Start Your Day?

Choosing between cold and warm showers can impact your energy, health, and mood. Here’s how…

3 hours ago

Manoj Tiwari Joins Jagannath Rath Yatra In Puri; Celebrates With Devotees

BJP MP Manoj Tiwari participated in the first day of the Jagannath Rath Yatra in…

3 hours ago

HM Amit Shah To Launch Development & Education Projects Across Gujarat

Amit Shah is visiting Gujarat to inaugurate key education, cooperative, and rural development projects across…

4 hours ago