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Urge to keep up present duty form on soybean and sunflower seed oil-SOPA

Urge to keep up present duty form on soybean and sunflower seed oil-SOPA

The Soya Bean Processors Association of India (SOPA), is the only national body representing soybean business community to urge the central government to balance the present customs duty on soya bean oil and sunflower oil.

SOPA Chairman Davish Jain wrote an open letter to the Union Minister for Trade and Industry, Piyush Goyal, stating that the countries exporting edible oil at all times reap the benefits of India’s position as the second largest importer.

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The discount on duty in India is, for the most part, nullified either by the increase in the price of edible oil by the exporters or by the central government’s export tax levy within the exporting country.

Giving the instance of the Government’s move to scale back customs duty on crude palm oil (CPO) on November 26, he mentioned Indonesia, the most important exporter of CPO, has elevated the export tax by USD 30% per tonne. In the process, a part of the advantage of duty reduction has gone to the Indonesian government, he mentioned.

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Stating that the Government will be dropping income without any substantial profit to the consumers, he mentioned any discount in customs duty sends unfavorable sign to the oilseed farmers.

Further, in the letter he mentioned that ‘We would earnestly request the union government to keep up the existing duty form structure on soybean oil and sunflower oil in the interest of Indian oilseed farmers and its community at large.’

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