President Pranab Mukherjee on 8 January 2016 gave his assent to the Sugar Cess (Amendment) Bill, 2015. The bill raises the ceiling of the impost from 25 to 200 rupees per quintal, which will help sugarcane growers and cash-starved mills.
The bill was passed by Lok Sabha on 15 December 2015. However, the opposition members had joined ranks in the Rajya Sabha to oppose its consideration on 23 December 2015.
The bill, which was declared a money bill, became a law after President Mukherjee’s nod as it was not returned by the Upper House to the Lok Sabha within 14 days of its consideration there, as required under the rules.
Key highlights of Sugar Cess (Amendment) Bill, 2015
• The Sugar Cess (Amendment) Act, 2015 has amended the Sugar Cess Act, 1982.
• The principal Act provides for the imposition of a cess as an excise duty on the production of sugar. The rate of sugar cess is notified by the central government from time to time. The principal Act specifies the ceiling on the cess at 25 rupees per quintal under the Act. The Bill proposes to increase this ceiling to 200 rupees per quintal of sugar.
• The cess was proposed to be increased in order to meet the government’s expenditure on interventions to ensure payment of dues to sugarcane farmers.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
When: 8 January 2016