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Agri-Biz & Commodities - Budget


`Excise duty to hit rice bran industry'

Our Bureau

Mumbai , March 6

The Budget proposal to withdraw excise duty exemption on by-products of the vegetable oil refining industry would adversely affect the rice bran refining industry.

With the withdrawal of excise duty exemption, all the by-products would attract 16 per cent excise duty, which would discourage the upgrade of the rice bran oil for edible purpose, Mr A.R. Sharma, President, Solvent Extractors' Association of India (SEAI), said in a release.

The Central Government has withdrawn excise duty exemption available to the by-products of the vegetable oil refining industry by rescinding Central Excise Notification No.115/75 dated 30th April, 1975 vide Notification No. 21/2006-CE dated March 1, 2006.

The association has requested the Government to review its decision in this regard to encourage value-addition in paddy processing.

More Stories on : Budget | Oilseeds & Edible Oil | Excise and Customs | Rice

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