Industry & Economy
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Taxation
Kanara Chamber flays Special Entry Tax
Our Bureau
Mangalore
,
Oct. 8
THE Kanara Chamber of Commerce and Industry (KCCI) has urged the Deputy Chief Minister and Finance Minister, Mr Siddaramaiah, to withdraw Special Entry Tax. The State Government introduced this tax on October 1.
In a press release here on Friday, the KCCI President, Mr A. Srinivasa Rao, said the State Government has introduced Special Tax on Entry of 23 commodities. This tax is collectible on entry of notified goods into any local area of consumption, use or sale therein, on the value of the notified goods at the rates specified in respect of such goods under the Karnataka Sales Tax.
Mr Rao said that a joint meeting of various trade associations and tax committees of KCCI, which discussed the consequences of this tax on trade and industry, has decided to protest against the tax as it would escalate the cost of inputs and add to the production cost and inflation.
This will also encourage "harassment" at the check posts, he said.
Stating that the Government is planning to introduce value-added tax from April, Mr Rao said this levy is uncalled for and it will disturb the present system of taxation.
The Government's decision to introduce Special Entry Tax may also encourage tax evasions and corruption, affecting the revenue inflow into the State exchequer, he added.
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