Financial Daily from THE HINDU group of publications
Tuesday, May 16, 2006
Financial Daily from THE HINDU group of publications Tuesday, May 16, 2006 |
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Industry & Economy
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Exports & Imports Agri-Biz & Commodities - Tobacco LS passes Bill on removing cess on tobacco exports Our Bureau
New Delhi , May 15 The Lok Sabha on Monday passed a Bill that would pave the way for abolition of cess levied on exports of tobacco, spices, marine products, coffee and certain agriculture and processed foods. "We are now removing a cost disadvantage that had been put on our exporters of these items. This will make our exports more competitive and remove procedural hardships for exporters," Mr Jairam Ramesh, Minister of State for Commerce told Lok Sabha today. The annual collection of export cess from these items stood at about Rs 120 crore. He also said the move to do away with the cess was in line with the principle that taxes should not be exported from the country. Although agriculture and marine products contributed only about 10 per cent of the export basket, he pointed out that there were at least 8-9 million households whose economic livelihood depended on the exports of these five items. Meanwhile, Mr Kantilal Bhuria, Minister of State for Agriculture, today introduced a Bill in Lok Sabha to repeal the Agricultural Produce Cess Act, 1940 and the Produce Cess Act 1966.
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