SEA Estimates Castor Seed Production to Rise By 10% at 1.39 Million Tonnes

Solvent Extractors’ Association of India has estimated castor seed production to rise by 10% at 1.39 million tonnes for the year 2015-16. In 2014-15, the castor seed SEAproduction stood at 1.27 million tonnes.

As per the latest SEA report, sowing of castor seed crop increased to 1.13 million hectares this year, as against 1.10 million hectares last year. It is expected that castor seed production in Gujarat will increase by 8% to 1.15 million tonnes as against 1.06 million tonnes last year.

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Demand for Castor Oil Exemption from CTT

Solvent Extractors Association of India (SEA) had demanded that castor oil along with other oil seeds included in the list of commodities exempted from the commodities transaction tax. However, the government has notified that commodities transaction tax (CTT) of 0.01% to be levied on all derivative contracts of non-agricultural commodities w.e.f 1st July, 2013. 23 specified agri-commodities have been exempted from CTT including cotton seed oil cake, copra, rape/mustard seed, soyabean and soya meal.

More:  http://economictimes.indiatimes.com/markets/commodities/sea-demands-exemption-of-some-oils-and-oilseeds-from-ctt/articleshow/21271333.cms