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.