Financial Daily from THE HINDU group of publications
Saturday, Mar 23, 2002
Financial Daily from THE HINDU group of publications Saturday, Mar 23, 2002 |
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Agri-Biz & Commodities
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Plantations Karnataka planters unhappy with Budget Our Bureau
BANGALORE, March 22 THE Karnataka Plantation Association (KPA) has said that the removal of the three-year lock-in period for people opting for the composition scheme under the agricultural income tax was the only consolation that the Budget offered planters. It meant that growers could decide whether or not to go in for composition for just a year at a time. None of their other demands had been met, KPA sources said. The Budget has been harsh to the tea sector with branded tea now attracting 15 per cent sales tax (up from 10 per cent) while unbranded tea attracts 12 per cent (against 8 per cent). "All this only encourages the industry to circumvent the law,'' the sources said. "People will begin to move tea through neighbouring Kerala and Tamil Nadu," they added. The marketing head of Amalgamated Bean Coffee Ltd, Mr V. T. Narendra, said that coffee prices to the consumer would remain unchanged.
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