Financial Daily from THE HINDU group of publications
Wednesday, Dec 17, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 17, 2003 |
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Agri-Biz & Commodities
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Taxation TN chamber's plea on levy on food products Our Correspondent
Madurai , Dec. 16 THE Tamil Nadu Chamber of Commerce and Industry has urged the Union Ministry for Food Processing to remove the excise levy imposed on concentrated milk, edible oil and vanaspati and increase the import duty differential between crude and refined palm oil to protect the indigenous industries. A delegation of the chamber led by its President, Mr S.Rethinavelu, which met Mr N.T. Shanmugam, Union Minister of State for Food Processing, in a memorandum said there was no value addition in the case of condensed milk and the levy of excise duty was unjustified. While milk powder is exempted from excise duty, concentrated milk has attracted a levy of 16 per cent. The chamber has further pointed out that imposition of excise duty has burdened the ailing edible oil industry. As they are essential products of daily consumption, the chamber has sought its removal. With reference to import duty differential, the chamber has pointed out that the recent slash of import duty on refined edible oil from 85 per cent to 70 per cent has made domestic refining of crude oil an unviable exercise.
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