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2011-04-07

Jute trade gets affected

All export orders have been stalled because of the notification of 10 per cent excise

Jute trade gets affected

The Union government has slapped an excise duty of 10 percent on jute products that constitute about 80 percent of the Rs 6,000 crore industry while threatening to cripple the fate of 2.5 lakh workers in the bargain.

All export orders have been stalled because of the notification, most jute companies informed.

There was no mention in the Union Budget about any such step, but a government notification dated March 24 levied 10 percent excise duty on branded and non-branded jute products meant for domestic consumption or export under the HS code 6305 including hessian, sacking and jute soil savers.

The government in a notification dated March 1, had asked for 10 percent duty to be imposed on branded jute products.

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