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.

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