SOPA asks govt to maintain existing duty structure on soyoil

The Soybean Processors Association of India (SOPA) has urged the Government to retain the present obligation composition on soybean oil and sunflower seed oil. In a letter to Piyush Goyal, Union Minister for Commerce and Sector, Davish Jain, Chairman of SOPA, said that the countries exporting edible oil often just […]

The Soybean Processors Association of India (SOPA) has urged the Government to retain the present obligation composition on soybean oil and sunflower seed oil.

In a letter to Piyush Goyal, Union Minister for Commerce and Sector, Davish Jain, Chairman of SOPA, said that the countries exporting edible oil often just take advantage of India’s place as the next greatest importer. The reduction in customs obligation in India is, most of the time, negated by either an increase in edible oil cost by the exporters or by a levy of export tax by the govt in the exporting region, he said.

Giving the occasion of the Government’s go to lower customs obligation on crude palm oil (CPO) on November 26, he said Indonesia, the greatest exporter of CPO, has enhanced the export tax by $30 for each tonne. In the process, portion of the reward of obligation reduction has gone to the Indonesian govt, he said.

Stating that the Government will be losing income devoid of any considerable reward to the consumers, he said any reduction in customs obligation sends a unfavorable sign to the oilseed farmers.

“We would earnestly request the govt to retain the present obligation composition on soybean oil and sunflower seed oil in the interest of Indian oilseed farmers,” he said in the letter.

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