SOPA urges FM not to reimpose excise duty on edible oil

Indore, Feb 26 (UNI) The Soyabean Processors Association of India (SOPA) has urged the Union Finance Minister not to reimpose excise duty on edible oils as this would lead to a tendency of avoidance of tax resulting in huge disparity within the industry.

SOPA Chairperson Rajesh Agarwal in a letter to Union Finance Minister P Chidambaram said excise duty on edible oil would also result in lower realisation for oilseed farmers. It will not generate much revenue for the Government, at the same time create huge disparity in the trade, he added.

Reacting to reports of representations sent to the Government requesting for re imposition of excise duty on packaged and branded edible oils ,Mr Agrawal said the soyabean processing industry has been passing through a very difficult phase n its operations. He said reimposition of excise duty on edible oils would badly hit the industry.

He also suggested that the Government should impose such tax/duties which should be leviable and paid by one and all at the first point along with the customs duty or at the stage of production without any exemption at all.

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