The government has imposed a 50 percent export duty on molasses. The molasses is a by-product of sugarcane, used as raw material for alcohol production.
The Union Finance Ministry has issued a notification in this regard, which will come into force from Thursday. The export duty is a strategic measure to regulate the supply and demand of commodities, ensuring domestic availability.
The Ministry has also extended the existing concessional duty rates on imports of crude and refined edible oils by one year till 31st March 2025. The basic import duty on refined soyabean oil and refined sunflower oil was reduced from 17.5 percent to 12.5 percent. The reduction in import duty on edible oils will ensure their availability to consumers at affordable prices.
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