Pune, Jan 7: Telco's Indica project has been granted a concession of 0.75 per cent octroi duty paid on raw materials for a period of five years from January 7. This concession gives Telco a gain of Rs 45 crore over a five year period.Telco has been paying octroi duty to the Pimpri Chinchwad Municipal Corporation (PCMC) at the rate of 1.25 per cent. Telco has paid octroi duty of Rs 7.88 crore at the rate of 1.25 per cent for the first eight months of the present financial year.
Normally, PCMC charges 1.25 per cent duty on raw materials entering its area. However, in the case of Telco, the PCMC will be charging only 0.50 per cent. Telco had sought octroi concession on raw materials for manufacturing Indica in December 1998 on the grounds that it was a new project.
Telco will now benefit on an average to the tune of Rs 75 lakh per month amounting to Rs nine crore per year.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.