Clever FM!

By Vijay Kumar

I reproduce a mail I got yesterday from an industrialist.

Finance Minister by making the change in Rule 6 - i.e. 6% duty reversal on the non-excisable goods will lead the industry specially the chemical/pharma industries into additional financial burden.

Previously there is no duty on the sale of such hazardous waste and disposal. The industry used to pay the charges for such disposal.

By the new notification there is an additional burden of 6% on the invoice value, means a further loss to the industry.

Already as per the Pollution laws laid by the MoE the industries are under social responsibility moving their entire hazardous waste to the disposal sites. The charges for the same are comparatively high and industries have no other option to pay the same to the waste management groups.

The Finance Minister has very cleverly touched an area where he can get the good piece of cake.