The Hindu Business Line : Chamber plea to extend one-time settlement for TNGST arrears till Dec 2006

The Indian Chamber of Commerce and Industry, Coimbatore, has expressed its happiness over the concessions extended to the business community under the Tamil Nadu value-added tax in the State budget proposals.

However, the Chamber wanted that the ‘one time settlement’ (OTS) scheme proposed in the budget for arrears under the Tamil Nadu General Sales Tax Act up to the year 2001-02 be extended up to December 31, 2006.

Outlining as ‘positive’ various measures declared in the 2008-09 budget proposals, announced by the Finance Minister, Mr Anbalagan, in the State Assembly, that the Chamber President, Mr D. Balasundaram, has noted the decision by the State Government to set aside Rs 1,500 crore crop loan for the coming fiscal and cut in interest rate on crop loan from five to four per cent would give a boost to agriculture.

He felt that besides the crop loan, other developmental loans should also be given at a similar rate of interest. The subvention of interest for the loans extended by the scheduled banks should be provided.

Mr Balasundaram held the view that the measures including farmers insurance schemes, creating cold storage facilities in 22 ‘Uzhavar Sandhais by the State agricultural marketing board, 25 per cent subsidy on agricultural machinery to be procured by the farmers and provision of Rs 550 crore outlay for ground water recharging systems outlined in the budget were all in right direction.

So are the proposals to implement e-governance in select district administration including Coimbatore, Rs 2,816-crore road improvement projects, Rs 1,720-crore outlay for power projects and intra-State river linkage at a cost of Rs 534 crore which are futuristic.

A revisit on the progress achieved in the last two years in various schemes announced earlier by the Government would be a worthwhile exercise, Mr Balasundaram felt.

More Stories on : Taxation | Tamil Nadu

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page