CESS tax revision won’t affect commodity prices – State Minister
State Minister of Finance Ranjith Siyambalapitiya yesterday (November 16) said that there is no possibility of essential commodity prices rising due to the revision of CESS tax.
He said that the Customs duty and the Special Commodity Levy on essential commodities will remain unchanged.
The State Minister said that CESS tax will not be applicable to 120 items that come under the Essential Commodity list.The introduction of CESS tax is aimed at protecting and promoting goods that can be produced locally and discouraging export of goods without value addition.
Siyambalapitiya said that the income generated from the CESS tax will be utilized for the development of the relevant industries.
(Source: Daily News)
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