Corporate News 03-Nov-14
Ponni Sugars (Erode) updates on effect of VAT levied in Tamil Nadu
Profitability to be under stress
Ponni Sugars (Erode) announced that Government of Tamil Nadu has exempted purchase of sugarcane from VAT but simultaneously imposed VAT at 5% on sugar of all kinds. In view of there being no VAT on sugar in the surplus producing regions of Karnataka and Maharashtra, Tamil Nadu sugar mills would be at a competitive disadvantage and their pricing power would get adversely impacted by reason of the 5% impost of VAT on sugar produced in the State of Tamil Nadu. As a result, the profitability of the company would be under increased stress.
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