The change in agri infra cess increased the duty burden on palm oil

(Gujarat News Office) Mumbai, Ta. 01 February 2021, Monday

In the budget presented by the Finance Minister today, various steps have been taken to increase the production of various agricultural commodities at home and to reduce the dependence on imports. And its effect was also seen on the market prices of agricultural commodities today. According to market sources, crude palm oil CPO's basic custom duty was 18 per cent on the tariff value of the Agriculture Infrastructure Development Cell in addition to the 12 per cent value, while its surcharge was 10 per cent and the tariff value was 7.5 per cent. Similarly, soyoil is showing 15 per cent on basic customs duty tariff value, 20 per cent on agri infrasel and 4.50 per cent surcharge.

The basic custom duty on the tariff value of sunflower oil is 18 per cent and agri infra cess is 20 per cent and surcharge is 10 per cent. The level of customs duty on soyoil is being maintained as the new burden of agri infra cess has come against the reduction in basic customs duty. With the reduction of palm oil-based customs duty and the advent of new agri-infra-less, the total duty burden has increased by five per cent. As a result of the overall budget proposals, the duty on crude palm oil CPOs has been increased by about Rs 3 per kg, market insiders said.

Meanwhile, India's budget did not show any significant repercussions on the world market today. Malaysian markets were closed today while US agricultural markets saw soyoil futures in the projection this evening at minus 6 to 7 points. At home, the price of soybean oil at Hazira was quoted at Rs 1,105 for various delivery in February.

In the Mumbai spot market today, the price of 10 kg of imported palm oil was quoted at Rs 105 to Rs 1,050. Today, however, new demand has been slow. Trades were negligible. Meanwhile, crude palm oil CPO's February futures rose by Rs 2.50 to Rs 5 this evening, while Soyseed's February futures fell by Rs 21 to Rs 3 and February mustard futures fell by Rs 2 to Rs 4. Were. Soyoil prices were down by Rs 10 to Rs 105.50 on February futures.

In the Mumbai spot market today, the price of 10 kg of soyoil digam was Rs 1,050 to Rs 1,100. While the price of Rifa was Rs. The price of sunflower was Rs. 1210 and Rs. Mustard was priced at Rs 120. Peanut oil prices rose to Rs 150 today. While cottonseed oil prices were quiet at Rs 1,100. On the Rajkot side, the price of cingulum oil was Rs 1,200 and Rs 15-60 per 15 kg, while the price of washed cotton was Rs 1,050 to Rs 105. Mumbai castor spot and spot castor prices were calm today.

In the Mumbai flour market, the price of groundnut was Rs 1,200 to Rs 1,200 per tonne while that of sunflower flour and soymeal was Rs 500 to Rs 700. The others, however, were quiet. The price of sunflower at Navi Mumbai port was Rs 150 and the price of various deliveries of sunflower at Chennai was Rs 150 to Rs 150. Import duty on cotton-rupee has been increased from zero to 10 per cent. Peanut prices were at Rs 50 to Rs 1,210 per gram today.