NEW DELHI, Jan 16: Starting on January 18, the government would levy a 50% charge on the export of molasses, a byproduct of sugarcane that is used as a raw ingredient to produce alcohol. A statement from the Finance Ministry stated that molasses that comes from the extraction or refinement of sugar will be subject to an export tariff of 50%. The Finance Ministry also announced that the current concessional duty rates on imports of refined and crude edible oils, including palm, soy, and sunflower, will be extended by one year, ending on March 31, 2025.In June of last year, the basic import duty on refined soybean oil and sunflower oil was lowered from 17.5% to 12.5%. India imports a minor amount of crude soft oil, especially soyabean, from Argentina in addition to palm oil, which is primarily from Indonesia and Malaysia. Oil made from sunflowers is imported from Russia and Ukraine.
