Excise duty may be fully exempted or reduced from 12% to 4% or 6%: PPMA

Ludhiana, February 20, 2016: Excise duty may be fully exempted or reduced from 12% to 4% or 6% on that agro based plywood & plyboard which is manufactured by poplar & safeda in the forth coming Union budget. Inderjit Singh Sohal, President & Vishal Juneja, General Secretary, Punjab Plywood Manufacturers Association (PPMA) sent it`s representation through Sh.Ashok Kumar Juneja, Convenor, Economic Cell (BJP) Punjab for forwarding it to Mr.Arun Jaitley, Finance Minister of India. They said that reduction in Excise Duty is also essential since said industry is already heavy burdened with multiple taxes such as VAT – 14.30%, Excise Duty 12%, CST 2% & Misc other taxes 3% (Total = 31.30%) plus from it Punjab Infrastructure Development & Regulation Act 2002 upto 6% & Punjab (Institutions & other Building) Tax Act 2011 ranging from 0.75 to 1.25% per Sq. Ft. is also levied on said industry.
Further PPMA demanded that Bank & Other`s Financial Institutions interest rates be reduced between 5 to 6% p.a. to develop the said agro based industry which is specifically growing fast in Punjab`s state.
Mr. Juneja has forwarded PPMA` representation to Mr. Jaitley for his kind consideration accordingly.