Govt Slashes LPG Imports from 15% Agriculture Cess to Zero

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Govt Slashes LPG Imports from 15% Agriculture Cess to Zero
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Indian Government has slashed the import duty on domestic Liquid Petroleum Gas (LPG), liquified propane and liquified butane from a 15% agri cess to nil, effective Friday.

Starting September 1, 2023, the imports of LPG, liquified propane and liquified butane have been fully exempted from the Agriculture Infrastructure Development cess (AIDC), a notification from the Central Board of Indirect Taxes and Customs (CBIC), Finance Ministry stated.

The Ministry of Finance had increased the basic customs duty on domestic LPG cylinders to 15% from 5% earlier, while also imposing a 15% agri cess (AIDC) on the import of LPG cylinders.

Shares of oil marketing companies (OMCs) will be under focus on Friday following this development.

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