PANAJI | March 17, 2016: The measures proposed in Goa budget will help in resumption of mining industry which has been undergoing a critical phase, the state's business community feels.
"Various fees and cess related to mining have been reduced considerably. This reduction, coupled with Export duty exemption (on ore) announced by the Central government will help in resuming mining activity in the state," Goa Chamber of Commerce and Industry president Narayan Bandekar said.
"This will naturally give a kickstart to rest of the state's economy," he said.
Chief Minister Laxmikant Parsekar, who also holds the finance portfolio, presented the state budget yesterday in the Legislative Assembly.
The budget has proposed to abolish welfare cess on the ore on which royalty is already paid to the state. Thus, the government has written-off double taxation on mining industry, which is currently limping back to normalcy.
"The state budget has rightly addressed the concerns of the mining industry which was ailing under severe taxes imposed in the recent past," Goa Mineral Ore Exporters' Association (GMOEA) secretary Glenn Kalavampara said.
"These corrections would, therefore, reduce the burden faced by the mining industry. Certain exemptions are also directed to benefit the logistics sector and other stakeholders," he said.
Kalavampara said the "budget appears progressive and a step in the right direction".
(Source: http://economictimes.indiatimes.com/)