Financial Daily from THE HINDU group of publications
Monday, Jan 23, 2006
Financial Daily from THE HINDU group of publications Monday, Jan 23, 2006 |
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Industry & Economy
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Budget Concern over TN Govt's `silence' over VAT Our Correspondent
Madurai , Jan. 22 THE Tamilnadu Chamber of Commerce and Industry has expressed its "dismay and concern" over the absence of any mention of the value-added tax (VAT) in the interim-budget of the Tamil Nadu Government for 2006-07. While all States, including those ruled by the BJP, have come round to implementing the scheme, "it is really perplexing why the Tamil Nadu Government still prefers to be isolated from the rest of the country and has chosen to remain non-committal about specifying a clear road map for the implementation of the highly progressive tax system in the State," the Chamber said. An announcement of the exact date of implementation is needed in the interest of the overall economy, it said in a press release here. The Chamber regretted that the interest of the trade and industry has been neglected in the budget. If the State Government had any reservation about implementing VAT, taxes such as resale tax, surcharge and additional sales tax should have also been scrapped. The Chamber has appealed to the Chief Minister to announce the concessions in the current budget session itself as it will result in commodity price reductions and make all sections happy. Implement VAT: Codissa
The Coimbatore District Small Industries Association (Codissia) has urged the Tamil Nadu Government to introduce value-added tax (VAT) for the benefit of the trade and industry. In a statement, Mr J. Balu, President, Codissia, said the organisation has been anxiously waiting for the introduction of VAT in the State but the interim Budget was silent on this. He said it was for the State Government to take up with the Centre the question of compensation for the revenue loss on VAT implementation.
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