Tax cut on cooking oil: Price reduced by Rs 10 in TN

In Tamil Nadu, the price of cooking oil has come down to Rs 10 as the central government has reduced taxes on cooking oil.

The details of the report issued in this regard are as follows:
“The government has reduced the base tax on crude palm oil, crude soybean oil and crude sunflower oil from 2.5% to zero as cooking oil prices have continued to rise over the past year.

Agricultural cess on these oils has been reduced from 20% to 7.5% for crude palm oil and 5% for crude soybean oil and crude sunflower oil.

As a result of the above reduction, the total tax on crude palm oil is 7.5% and on crude soybean oil and crude sunflower oil is 5%. The base tax on RBD palm olein, refined soybean and refined sunflower oil has been reduced from 32.5% to 17.5%.

Prior to the cuts, the agricultural infrastructure cess on all types of crude cooking oils was 20 percent. After the reduction, the tax on crude palm oil will be 8.25% and the tax on crude soybean oil and crude sunflower oil will be 5.5%.

To control the prices of cooking oils, the government has reduced import duties on palm oil, sunflower oil and soybean oil, and suspended the trading of mustard oil in the National National Commodity & Derivatives Exchange Limited (NCDEX). Storage restrictions have also been imposed.

The prices of cooking oils in Tamil Nadu have come down to Rs. 10 per kg due to government measures. For example, the price of a kilo of palm oil fell by Rs 7 and the price of groundnut oil by Rs 10”. Thus stated in the statement.

On the night of November 3, the Central Government announced a reduction of Rs 5 per litre on excise duty on petrol and Rs 10 per litre on diesel. It also advised state governments to reduce VAT.

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