Industry & Economy
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Budget
Kerala Chamber welcomes Budget
Our Bureau
THIRUVANANTHAPURAM: The Chamber of Commerce, Thiruvananthapuram, has welcomed the Finance Minister Mr Vakkom Purushothaman's initiative in formulating new schemes for the Capital city in the State Budget.
Stating this, a spokesman of the chamber mentioned this with this respect to projects relating to the construction of a walkway linking the Veli tourist village with Akkulam, the IT Corridor in Thiruvananthapuram, the 10-storey super speciality block at the Medical College, Thiruvananthapuram, and the special sanitation drive for the Capital city.
The proposals for amending penal provisions in the Value Added Tax Bill being implemented from April 1 and the clarification that small traders, clocking an annual turnover between Rs 5 lakh and Rs 50 lakh, need to pay a turnover tax of 1 per cent were also welcomed.
The chamber requested that provisions in the VAT Bill should be framed in such a manner so as to facilitate the smooth conduct of business and trade. It criticised the levy of luxury tax on hotels, which are already pay a service tax. This will only lead to further upward revision in rentals and affect the tourism industry.
The absence of any specific announcement on the ways to redeem the reversing fortunes of the public sector units was also a major drawback of the Budget, the chamber added.
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