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Our Bureau

Kolkata , Dec. 22

THE Solvent Extractors' Association of India (SEAI) has urged the Government to consider larger allocation of funds for oilseeds production programmes in the forthcoming Union Budget.

It is suggested that such production should be taken up on a mega scale to meet the growing demand for edible oils and also reduce dependence on import.

The association has also sought weighted income-tax deduction of 200 per cent for companies undertaking Oilseeds Extension Programme. According to Mr A.R. Sharma, President of SEAI, private involvement in this programme would not only supplement Government's efforts, but also go a long way in increasing oilseeds production in the country.

Excise exemption for food-grade hexane: In its pre-Budget (2006-07) memorandum for the Vegetable Oil and Oilseed sector, the association has sought excise exemption for food-grade hexane, which is used by the solvent extraction industry to process oilseeds.

Service tax exemption: On the taxation front, SEAI has sought for the oilseeds sector exemption from service tax, particularly on transportation and Fringe Benefit Tax.

More Stories on : Oilseeds & Edible Oil

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