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GTAC denies violation of auction rules

By Staff Reporter
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GUWAHATI, March 6 � The Guwahati Tea Auction Centre (GTAC) has claimed that it has not violated any provision of the Tea Marketing Control Order (TMCO) by engaging in private mode of selling teas within its premises.

�The Guwahati Tea Auction Rules followed since its inception clearly state that sale through private treaty is permitted. In 1998 the Government of Assam took this a step further and allowed concessional rate of taxation for GTAC private treaty. The idea behind this entire exercise was to attract teas, which were otherwise sold directly by the producer, into a more transparent system. This kind of arrangement is also encouraged by the Government of Assam to account for sale of tea from Assam � otherwise a large quantum of tea is routinely transferred out by some producers as �stock transfer� without paying any tax to the state exchequer,� said the GTAC in a statement.

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GTAC denies violation of auction rules

GUWAHATI, March 6 � The Guwahati Tea Auction Centre (GTAC) has claimed that it has not violated any provision of the Tea Marketing Control Order (TMCO) by engaging in private mode of selling teas within its premises.

�The Guwahati Tea Auction Rules followed since its inception clearly state that sale through private treaty is permitted. In 1998 the Government of Assam took this a step further and allowed concessional rate of taxation for GTAC private treaty. The idea behind this entire exercise was to attract teas, which were otherwise sold directly by the producer, into a more transparent system. This kind of arrangement is also encouraged by the Government of Assam to account for sale of tea from Assam � otherwise a large quantum of tea is routinely transferred out by some producers as �stock transfer� without paying any tax to the state exchequer,� said the GTAC in a statement.

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