Gems, jewellery industry for removal of 2% octroi

Gems, jewellery industry for removal of 2% octroi
PTI
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First Published: Thu, Aug 06 2009. 03 17 PM IST
Updated: Thu, Aug 06 2009. 03 17 PM IST
Mumbai: Seeking the removal of 2% octroi on gems and jewellery business in Maharashtra, the industry on Thursday said that the levy was forcing many to move shop to neighbouring Gujarat.
“We demand the removal of 2% octroi as it would support the industry, which is undergoing a recession,” Gems & Jewellery Export Promotion Council (GJEPC) chairman, Vasant Mehta said.
“Due to the Octroi, several companies have either shifted or are about to shift their business to neighbouring Gujarat,” he added.
Mehta, however, said that the industry is willing to give upfront an amount equal to the octroi through cess.
“The last 8-10 months were the worst for the industry. Several factories have had to shut down and topline and bottomline of companies have been affected,” Mehta said, adding that the industry expects a 20% growth in exports in FY 10.
Mehta was speaking at the 26th edition of the Gem and Jewellery Trade Show in Mumbai.
Nearly 18,000 domestic and 1,000 international visitors are expected to take part in the show.
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First Published: Thu, Aug 06 2009. 03 17 PM IST