TMI BlogRevision of tariff value on imported edible oilsX X X X Extracts X X X X X X X X Extracts X X X X ..... Revision of tariff value on imported edible oils - News and Press Release Dated:- 17-1-2013 - News - Press Information Bureau Government of India Cabinet Committee on Economic Affairs (CCEA) 17-January-2013 13:54 IST The Cabinet Committee on Economic Affairs has approved to defreeze the tariff values of all edible oils, Palm Oil - Crude; Palm Oil - RBD (Refined Bleached Deoderize ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d); Palm Oil - others; Palmolein - Crude; Palmolein - others; and Soyabean Oil - Crude and notify their tariff values on the basis of their prevailing international prices. An alignment of notified tariff values with international prices will have a positive impact on the duty collected from import of edible oils and will provide an even-field to the domestic refining industry. Background: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tariff value is fixed under Section 14 (2) of the Customs Act, 1962 , inter alia, on the above edible oils and notified on a fortnightly basis. Since 31.7.2006, tariff values of edible oils have remained unchanged, as a fiscal measure to contain inflation. The freeze has led to a significant variation between the notified tariff values and the computed landed prices based on international pric ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the edible oils, adversely affecting the revenue collection and also the domestic refining industry. Hence, it is proposed to align the tariff values with international prices of the edible oils. **** SC/SK - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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