The Hindu Business Line : Plea against excise duty on refined oils

THE domestic solvent extraction industry has represented to the Union Government not to re-impose excise duty on refined edible oils in the forthcoming Union Budget. There is speculation that the Government might reinstate the fiscal levy that was withdrawn in the last Budget.

In a memorandum to Mr P. Chidambaram, Union Finance Minister, the Mumbai-based Solvent Extractors' Association of India (SEA) and Indore-based Soyabean Processors Association of India (SOPA) have both urged that levy of excise duty on manufacture of refined oils was not warranted under the present circumstances.

Quoting from the Finance Minister's last Budget speech when he withdrew the excise levy on refined oils and vanaspati, the SEA emphasised that the decision brought relief to the entire industry and trade and that the benefit of fiscal concession was passed on to consumers.

In its representation, SOPA lamented that the soyabean processing industry was passing through tough times and a fresh levy would further hurt the industry. Excise duty collections were lower than anticipated the last time, it pointed out.

More Stories on : Oilseeds & Edible Oil | Excise and Customs

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Wheat meet to focus on topical issues

Wheat remains weak

Spot rubber gains marginally

Speculator action makes gold vulnerable

Marginal hike in domestic copper prices likely

Himalya gets $3m cheese order from US

NDC panel moots minimum support price for coarse grains

Rural NGOs seek revolving cash credit from Nabard

$14-17/t hike in tariff values for veg oils

Plea against excise duty on refined oils

HMT to help set up cashew processing unit in Mozambique