Date:23/03/2006 URL: http://www.thehindubusinessline.com/2006/03/23/stories/2006032301321200.htm

Back Spices exporters' plea on delayed cess payment

Our Bureau

Mumbai , March 22

The Indian Spice & Foodstuff Exporters' Association (ISFEA) has urged the Maharashtra Government to reduce interest rates for delayed payments on account of market cess to Navi Mumbai Municipal Corporation (NMMC).

NMMC is charging exorbitant rates of interest for delayed payment of market cess. The corporation is demanding delayed payment interest at the rate of 24 per cent annually for the first year and 36 per cent p.a. for subsequent years.

"It is quite unfair and unjustifiable," an official of the association said. ISFEA is representative body of over 150 exporters of spices and foodstuffs whose combined contribution is 60 per cent of annual spices export turnover of the country.

Even other government departments like Sales Tax, Income Tax and Customs & Excise charge penal interests at 15 per cent, 12 per cent and 15 per cent per annum respectively, the association said.