TSSIA welcomes reduction in octroi but wants total abolition

Thane, May 13 (UNI) The Thane Municipal Corporation (TMC) has reduced the octroi duty by almost half on certain items effective from May 1.

The reduction in octroi duty has been welcomed by the industry, particularly the Thane Small Scale Industries Association (TSSIA).

But, TSSIA president M R Khambete told UNI that his Association will continue to press for total abolition of octroi.

The TMC has halved the octroi rates on raw unspun wool, hemp, rubber and rubber goods from 3 per cent to 1.5. Octroi duty on yarn and threads has been brought down from 4 per cent to 2, while the duty on iron and steel and non-ferrous metals has been reduced from 2.50 per cent to 1.5 per cent. The duty on chemicals has been reduced from 2.75 per cent to 1.5, while the octroi on edible oils has been reduced to 1.5 per cent from the earlier 2 per cent.

This apart, the TMC recently approved certain sps for the industries in Thane. Sick units will get 80 per cent concession in the octroi rates in the first year which will be gradually be reduced to 10 per cent in the fifth year.

New Industries will get 90 per cent concession in the first year which will be reduced to 20 per cent in the fifth year.

UNI