The Hindu Business Line : Tea industry may save on levy cut

COONOOR: The abolition of the additional excise duty (AED) in the Union Budget will mean a saving of around Rs 65 crore to the tea industry annually, according to Mr T. Rangaiah, former Vice-Chairman of Tea Board.

In the last two years, the Government had collected over Rs 125 crore on this account. "At a time when the industry is struggling to gain competency in the open global market, such a saving means a lot", he said.

Already, the Government had abolished the excise duty on the tea produced by the small scale sector.

Now, the abolition of the AED would help the reduction of the production cost for the corporate sector, he said.

Mr Rangaiah welcomed the importance given to massive replantation and rejuvenation.

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