Economy

Demand for revision of tax rates on edible oils

Our Bureau | Updated on September 11, 2011




The Tamilnadu Foodgrains Merchants Association has sought a revision of tax rates on edible oils. In a memorandum submitted to the Finance Minister, Mr O. Paneerselvam, and the Minister for Commercial Taxes, Mr Agri S.S. Krishnamoorthy, at Chennai on Saturday, the association said that currently tax exemption was granted to only those with an annual turnover up to Rs 5 crore in respect of edible oils.

As a result, medium manufacturers who produce edible oil from groundnut and oil seeds cultivated in Tamil Nadu were greatly affected. The association has sought the imposition of entry tax on edible oils from other states and on non-refined oil imported from other countries and grant tax exemption to edible oil manufacturer in Tamil Nadu.

Published on September 11, 2011

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