Business Daily from THE HINDU group of publications
Wednesday, Oct 10, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Oct 10, 2007 ePaper |
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Industry & Economy
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Taxation States - Tamil Nadu Revenue from VAT below expectations in TN Our Correspondent Madurai, Oct 9 If the revenue from the value added tax (VAT) is not as expected, welfare schemes of the State Government would get affected. During 2006-07, the revenue has registered an increase of only 1 per cent against an expected increase of 20 per cent, said the Tamil Nadu Minister for Commercial Taxes, Mr S.N.M. Ubayadulla, here. There is need for traders to be honest. The Central Government would be compensating only 75 per cent of the deficit in revenue while switching over from sales tax to VAT system. This would be available only for two years. If the revenue from VAT did not rise by then, the welfares schemes would get affected. The Government could not afford to lose revenue and yet offer exemptions as desired by traders, he said while speaking at a meeting to celebrate ‘World Bread Day’ organised by Tamilnadu Bakers Association in association with Madurai District Tiny and Small Scale Industries Association and Madurai Bakers Association. Responding to the traders’ plea to grant tax exemption for bun and a reduction in tax for ghee, the Minister said the Monitoring Committee that would meet before the finalisation of the budget, would discuss them. He urged the traders to cooperate with the Government and to ensure that the revenue from tax is ensured. The exhibition on the ‘History of Breads’ put up by Kaleesuwari Refineries, Chennai, was an attraction during the two-day event. More Stories on : Taxation | Tamil Nadu
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