Row over virgin olive oil import duty

Imports of virgin olive oil have landed in a controversy with importers and Customs authorities engaged in a duel over the duty that will have to be paid for bringing this edible oil into the country.
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Dec 11, 2008, 08.47 AM | Source: Business Line

Row over virgin olive oil import duty

Imports of virgin olive oil have landed in a controversy with importers and Customs authorities engaged in a duel over the duty that will have to be paid for bringing this edible oil into the country.

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Row over virgin olive oil import duty

Imports of virgin olive oil have landed in a controversy with importers and Customs authorities engaged in a duel over the duty that will have to be paid for bringing this edible oil into the country.

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Chennai, Dec. 10

Imports of virgin olive oil have landed in a controversy with importers and Customs authorities engaged in a duel over the duty that will have to be paid for bringing this edible oil into the country.

According to a notification (42/2008) issued by the Finance Ministry on April 1, virgin olive oil attracts nil Customs duty since it falls under Section 33 A of crude vegetable oils. Until a couple of weeks, firms importing virgin olive oil have been doing so under this clause.

But the Department of Revenue Intelligence (DRI) suddenly sent a notice to at least eight firms stating that imports of virgin olive oil fall under tariff item No. 1504 of imports list, attracting 45 per cent duty and asked them to pay it.

Not wanting a dispute, one of the importing firms, Amrutanjan Health Care , paid the difference. “Tasting blood, DRI came up with claims of huge payments by these importing firms as duty difference. It has created a crisis in the industry,” said Mr V.N. Dalmia, President of the Indian Olive Association official.

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