Import duties are taxes imposed on goods brought into a country. They aim to protect domestic industries and generate revenue. These duties can affect trade balances and consumer prices. In India, import duties are governed by the Customs Act. They vary based on the type of goods and their origin. Understanding these duties is crucial for businesses and consumers alike.
India remains the world’s largest importer of edible oils, sourcing over 60% of its consumption from overseas. In 2023-24, India imported approximately 16 million tonnes of edible oils,...
