Brics and straws

Brics and straws

Brics Bank has its own limitations, and let us hope it will...
Much ado about execution

Much ado about execution

Effective delivery must be brought to the centre of policy-making...

Industry seeks CTT exemption on veg oils

Jul 23 2013, 03:45 IST
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SummaryVegetable oil industry body SEA has sought that the government keep processed agri-items, especially soybean oil, palm oil and castor oil, out of the ambit of commodity transaction tax (CTT).

Vegetable oil industry body SEA has sought that the government keep processed agri-items, especially soybean oil, palm oil and castor oil, out of the ambit of commodity transaction tax (CTT). Effective July 1, the government has notified CTT of 0.01% to be levied on all derivative contracts of non-agricultural commodities and processed food items transacted through recognised commodity exchanges. The Centre, however, exempted 23 specified agri-commodities from CTT. These include cotton seed oilcake, copra, mustard seed, soybean and soymeal.

‘2.5% duty on metal scrap import to hit auto exports’

The apex body of foundrymen — IIF — has opposed a levy of 2.5% duty on import of metal scrap, saying it would hurt the domestic industry and result in India losing its $100 billion auto and auto components market to China and Thailand. "The 2.5% duty imposed on import of metal scrap recently would adversely impact the Indian manufacturers while semi-finished and finished goods produced from scrap when exported from Thailand and Malaysia are allowed duty free," Institute of Indian Foundrymen (IIF), chairman, energy and environment committee G S Agarwala said.

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