Industry & Economy
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Budget
Industry hails TN budget
Our Bureau
Chennai
,
Feb. 11
INDUSTRY associations on Wednesday welcomed the reduction in stamp duties and central sales tax on computer peripherals and rationalisation of commercial taxes in the Tamil Nadu Budget.
The Southern India Chamber of Commerce and Industry said the single window system and simplification of forms would make for a better environment.
In a press release, the Federation of Indian Chambers of Commerce and Industry's (Southern Region) Chairman, Mr A. Vellayan, hoped the Government would consider revising resale tax and surcharges to further increase industrial growth.
The Tamil Chamber of Commerce said the budget was the best that could be expected in the prevailing circumstances.
However, the Madurai Oil and Oilseeds Association expressed disappointment that the budget had not dealt with any of its major demands, such as abolition of resale tax and turnover tax. Mr V. Krishnamoorthy, Secretary of the association, said the edible oil trade had been representing for a year against the 1 per cent resale tax and 1 per cent to 3 per cent turnover tax.
It was hopeful that the trade's concerns would be addressed in the budget, but was disappointed to find nothing had been done.
He once again appealed to the Government to grant the association's request.
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