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✅Centre advises Edible Oil Associations to maintain MRP of oil till availability of edible oil stocks imported at 0% and 12.5%
👉 To bolster domestic oilseed farmers , the govt increases the Basic Customs Duty (BCD)
📚Topics to cover for Prelims-
Basic Customs Duty and other types of Customs duty
📚What is Basic Customs Duty ?
a) It is a tax levied on imported goods in India and is regulated under Customs Act, 1962 and Customs Tariff Act, 1975
b) It is calculated as a percentage of the assessable value of the goods
c) The assessable value is the sum of costs of goods, freight and insurance
d) The BCD rate can vary from 0-100% and it depends on the country of origin and the type of goods being imported
e) Some goods are exempt from BCD, like life saving drugs, and food and drugs used for special medical purposes for treatment of rare diseases.
#PrelimsSnippets
#pib
#IndianEconomy
#Currentaffairs
👉 To bolster domestic oilseed farmers , the govt increases the Basic Customs Duty (BCD)
📚Topics to cover for Prelims-
Basic Customs Duty and other types of Customs duty
📚What is Basic Customs Duty ?
a) It is a tax levied on imported goods in India and is regulated under Customs Act, 1962 and Customs Tariff Act, 1975
b) It is calculated as a percentage of the assessable value of the goods
c) The assessable value is the sum of costs of goods, freight and insurance
d) The BCD rate can vary from 0-100% and it depends on the country of origin and the type of goods being imported
e) Some goods are exempt from BCD, like life saving drugs, and food and drugs used for special medical purposes for treatment of rare diseases.
#PrelimsSnippets
#pib
#IndianEconomy
#Currentaffairs
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