2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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India has cut import taxes on crude and refined palm oil from ASEAN countries from 44 % to ______
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31 %
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38 %
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41 %
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40 %
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Explanation:
Detailed explanation-1: -In December 2021, India cut basic import tax on refined palm oil and brought down the total taxes on their imports to 13.75% from 19.25% earlier.
Detailed explanation-2: -With a view to provide further relief to consumers and to keep in check any further rise in the prices of domestic edible oils due to rise in the prices of edible oils globally, the Government of India has reduced the agri-cess for Crude Palm Oil (CPO) from 7.5% to 5% with effect from 12th February, 2022.
Detailed explanation-3: -India also levies a 12.5% import tax on refined, bleached and deodorized (RBD) palm oil.
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