In
a move that would bring down the price of coconut oil,
the Centre has decided to withdraw the four per cent
value-added-tax (VAT) on coconut oil.
A decision in this regard was taken at a meeting of
Union Ministers in New Delhi recently, Finance Minister
Thomas Isaac said while addressing a seminar held on the
concluding day of Cocofest here on Sunday.
Several
other States have already withdrawn the VAT on coconut
oil.
Isaac also said that the 12.5 per cent VAT on processed
tender coconut water would be reduced to four percent.
The government would be introducing steps for procuring
processed coconut, he said.
The Minister awarded the prize for the best coconut
bunch to Gopalakrishnan of Balaramapuram.
The four-day Cocofest was organised by the Coconut
Development Board here from May 3 with the aim of
creating awareness on various technologies in the
processing of coconut and its by-products.
A seminar on the opportunities and challenges in coconut
marketing was also held in connection with the fest.
Source :
Newindpress (subscription) - Chennai, India, dated
07/05/2007
