Coimbatore Tea Auction centre achieves milestone in trading
The Coimbatore tea auction centre has emerged as one of the important tea auction centres in the country and has begun handling around 20 million kg of bulk tea after a gap of 12 years.
Dipak Shah, Chairman, Tea Trade Association Coimbatore, said the centre had started with a volume of 13.9 million kg in 1982.
Addressing the 42nd annual general meeting, he said South Indian tea exports went up by 19 million kg rise from 83 million kg to 102 million kg, whereas North Indian exports registered a nominal increase of 4 million kg, from 145 million kg to 149 million kg. Shah congratulated exporters in achieving this growth in spite of adverse global scenarios.
Setting up tea park
He requested the Tea Board to liaison with the Urban Land Tax department to get the patta for the property earmarked for setting up the tea park, which DP World has agreed in principle to partner with Tea Trade Association Coimbatore (TTAC).
He highlighted some of the key challenges faced by the tea industry including the introduction of section 194R under the Income Tax Act. This provision concerns the taxation of free trade samples, and despite discussions among stakeholders, no consensus has been reached on calculating the taxable value of these samples. The Association is planning to consult a leading tax expert to resolve the matter, he added.
Earlier, inaugurating the meeting, M.Muthukumar, Executive Director, Tea Board called upon the industry to focus on quality, value addition and strategic marketing to strengthen the country’s presence in overseas markets. He also underlined the need for sustainable agricultural practices and eco-friendly approaches in tea cultivation to meet global standards.