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Dairy
industry for removal of exports of skimmed milk powder
New Delhi: The domestic dairy industry is angry at
the government for not lifting the ban on exports of skimmed
milk powder (SMP). This is because prices of skimmed milk
powder have hit the roof in overseas markets, denying
them the opportunity to make extra profits.
Currently,
SMP of Oceania origin is selling at $4,000-4,300 a tonne
free-on-board, while Western Europe powder is quoting
as high as $4,700-5,080.
Continuing
widespread drought conditions in Australia and warmer
than usual temperatures in Europe — coupled with
the European Union's phased reduction of export subsidies
—
have pushed up world prices to four times their levels
five years ago.
Domestic
SMP prices are now ruling at Rs134-135 a kg, against the
Rs160 plus that could potentially be realised from exports.
Although
the 50,500 tonnes of powder exports in 2005-06 translated
into only 0.56 million tonnes (mt) of milk —
a fraction of the country's total output of 95 mt —
its indirect impact on milk prices may not be that small.
With
every Rs10 rise in SMP realisations, dairies can pass
on an additional 60-70 paise per kg to farmers. The industry
estimates that the loss of export business has cost milk
producers a minimum of Re1 per kg. For the 50 mt of surplus
milk that farmers sell, even a Re1 increase means some
Rs5,000 crore.
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I-T
dept wants additional tax of 61,412
crore
New Delhi: The Income Tax (I-T) department has sent
notices to large corporates, rich individuals and other
assessees, demanding additional taxes of Rs61,412 crore.
IT
officials said notices have been issued to assesses, which
included major corporates and high net worth individuals.
Admitting
differences in tax liability and tax submitted, the official
said the assessees have already deposited as much as Rs19,306
crore, about one-third of what was demanded.
This
has helped Finance Ministry meet the revised target of
Rs2,29,007 crore direct tax collections for FY07.
Total
direct tax collections, including personal income tax
and corporate tax, reached Rs2,29,181 crore during the
fiscal.
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