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D. Murali

Chennai May 5 Reflecting on the changes introduced in taxation of cement, Mr S. Madhavan, Leader Indirect Tax practice, PricewaterhouseCoopers, concedes that the indirect price control on cement purportedly brought in through the differential duty mechanism has failed.

Speaking to Business Line on the noteworthy changes to indirect taxation brought in by the amendments to the Finance Bill, 2007, announced on May 3, Mr Madhavan highlights the measures to encourage value-added food-processing. "The proposed reduction of excise duty on refrigerated motor vehicles from 16 per cent to 8 per cent, together with an exemption from customs duty, thereon, is sure to facilitate the setting up of integrated cold chains," he says.

"The move to extend the exemption from excise duty to biscuits with MRP (maximum retail price) not exceeding Rs 100 per kg, from the earlier limit of Rs 50 per kg, will have the effect of exempting a significant section of the industry from the duty altogether," notes Mr Madhavan.

"In addition, the complete exemption from duty to ready-to-eat packaged food is also a move to encourage value-added food-processing."

More Stories on : Foods & Food Processing | Excise and Customs

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