Mumbai, Feb 28 (UNI) Sanwaria Agro Oils Limited Director Anil Agrawal has welcomed the Union Budget presented by the Finance Minister P Chidambaram today saying that government's stress on agriculture sector will prove to be very promising.
Reacting on the budget, he said, ''The budget has stressed that the agriculture sector is the main focus of the government and this is very promising for us.'' A very good thing is that the government did not levy excise duty on edible oils, as was expected in some quarters. Import duty on food processing machinery has also been reduced. ''With the service tax also not increased, and zero excise duty on bio diesel, this is a good budget for us,'' he said.
However, the government has removed four per cent counter veiling duty on edible oils, that used to protect domestic suppliers from international competition and no special measures for exports have been announced either.
''The surcharge continues at 10 per cent, and the education cess has also gone up by one per cent. With the increase of the Dividend Distribution tax, this is a disincentive for us,'' he added.
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Reacting on the budget, he said, ''The budget has stressed that the agriculture sector is the main focus of the government and this is very promising for us.'' A very good thing is that the government did not levy excise duty on edible oils, as was expected in some quarters. Import duty on food processing machinery has also been reduced. ''With the service tax also not increased, and zero excise duty on bio diesel, this is a good budget for us,'' he said.
However, the government has removed four per cent counter veiling duty on edible oils, that used to protect domestic suppliers from international competition and no special measures for exports have been announced either.
''The surcharge continues at 10 per cent, and the education cess has also gone up by one per cent. With the increase of the Dividend Distribution tax, this is a disincentive for us,'' he added.
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