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Kochi , April 9

THE Seafood Exporters Association of India (SEAI) on Saturday called off their proposed strike on April 11 after the Union Commerce Minister stated that an immediate solution would be worked out regarding taxation issue.

The association said in a statement here that the nationwide suspension of purchase and production on April 11 has been `put in abeyance' in deference to the Minister's press statement that `an immediate solution will be found regarding the admissibility of export income under 80 HHC by the Income-Tax authorities.

The industry had threatened the agitation unless the I-T authorities stop proceedings to re-open assessments and withdraw demands of re-worked taxes.

SEAI said that the issue of tax liability on sale of DEPB licence has now been referred to the Prime Minister's Economic Advisory Council, which would give its recommendations in a month.

The reopening of past assessments by the I-T authorities would be kept in abeyance till the Council gives its recommendations on the issue, the statement said.

The exporters and the I-T Department have been locked in a dispute for several months over whether the income arising out of the sale of DEPB licences are taxable. DEPB is an incentive given to the exporters to neutralise the incidences of customs duty on the import content of their products.

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