Financial Daily from THE HINDU group of publications
Saturday, Jan 24, 2004
Financial Daily from THE HINDU group of publications Saturday, Jan 24, 2004 |
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Industry & Economy
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Excise and Customs Units in Kutch get more time to qualify for excise holiday K.R. Srivats
New Delhi , Jan. 23 NEW industrial units coming up in the Kutch district of Gujarat have been granted more time to qualify for the five-year excise holiday. The Finance Ministry had in July 2001 stipulated that only units set up "not later than July 31, 2004" would be eligible for the five-year excise duty exemption. This date has now been extended to December 31, 2004. The relaxation has been granted in view of demands made by units in the region. "A number of units coming up in that region had made representation to us that they may not be in a position to commence production before July 31, 2004. They wanted extension of two years. We have gave them five-month extension up to December 31, 2004," a Finance Ministry official told Business Line here. According to the excise exemption scheme that was originally announced in July 2001, only new industrial units (and not those relocated to the Kutch region) set up in the Kutch region before July 2004 would be eligible for the exemption. A negative list had also been provided to make it clear that units manufacturing tobacco products, candles, footwear of a retail sale price not exceeding Rs 125 per pair, tableware and kitchenware of glass; monochrome television receivers; watches and clocks of retail sale price not exceeding Rs 500 per piece; toothbrushes and such other items would not get the five-year excise exemption.
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