Current Affairs

Goa Industry To Demand Roll Back

The Goa Chamber of Commerce and Industry (GCCI) said the Union Budget presented by Finance Minister Pranab Mukherjee will have an adverse effect on Goa as it will impact the two major industries in the State – mining and tourism and announced plans to approach the Finance Minister to roll back on these proposals.
GCCI President Cesar Menezes said they will call on the Union Finance Minister to roll back the increased export duty on iron ore and also the proposal to bring air-conditioned restaurants serving alcohol under the ambit of service tax.

Chairman of the GCCI committee on Tourism, Ralph de Souza stated that most of the restaurants which serve liquor are air conditioned and there is already local luxury tax which they pay. “Now with the budget, they will have to pay additional tax of 10 per cent which will tremendously affect the tourism industry as well as the locals.” He said.
The hike to 20 per cent in export duty on iron ore is bound to affect the industry to a large extent said Manguirish Pai Raikar, GCCI Vice President and added that bringing restaurants under the ambit of service tax will impact the tourism industry.
In fact the Union Finance Minister has rejected the pre-budget memorandum submitted by GCCI wherein they had actually asked for scaling down the export duty on iron ore to five percent and the tourism industry had sought for concessions in taxes.
Meanwhile, Narayan Bandekar a leading mine owner said the duty was not warranted and opined that Goa should have been exempted from the export duty since it exports low grade ore.
The budget has brought relief to Zuari Industries Limited (ZIL) which is the biggest manufacturing plant in Goa as fertilizer industry has been classified as infrastructure industry, opined Binayak Datta, Vice President (Finance) ZIL.

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