SOPA asks govt to maintain existing duty structure on soyoil

The Soybean Processors Affiliation of India (SOPA) has urged the Federal government to maintain the existing duty framework on soybean oil and sunflower seed oil.

In a letter to Piyush Goyal, Union Minister for Commerce and Marketplace, Davish Jain, Chairman of SOPA, stated that the nations around the world exporting edible oil always take gain of India’s posture as the next biggest importer. The reduction in customs duty in India is, most of the time, negated by both an increase in edible oil cost by the exporters or by a levy of export tax by the government in the exporting state, he stated.

Giving the occasion of the Government’s transfer to lessen customs duty on crude palm oil (CPO) on November 26, he stated Indonesia, the biggest exporter of CPO, has increased the export tax by $thirty for every tonne. In the method, portion of the benefit of duty reduction has gone to the Indonesian government, he stated.

Stating that the Federal government will be shedding earnings with no any substantial benefit to the consumers, he stated any reduction in customs duty sends a unfavorable sign to the oilseed farmers.

“We would earnestly request the government to maintain the existing duty framework on soybean oil and sunflower seed oil in the fascination of Indian oilseed farmers,” he stated in the letter.