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| Gems, jewellery industry for removal of 2% Octroi |
| Press Trust of India / Mumbai Aug 06, 2009, 15:24 IST |
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Seeking the removal of 2 per cent Octroi on gems and jewellery business in Maharashtra, the industry today said the levy was forcing many to move shop to neighbouring Gujarat.
"We demand the removal of 2 per cent Octroi as it would support the industry, which is undergoing a recession," Gems & Jewellery Export Promotion Council (GJEPC) Chairman Vasant Mehta told reporters here.
"Due to the Octroi, several companies have either shifted or are about to shift their business to neighbouring Gujarat," he added.
Mehta, however, said 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, however, that the industry expects 20 a per cent growth in exports in FY10.
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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