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The Tamil Nadu Chamber of Commerce and Industry has called upon the State Government to scrap the 5 per cent tax levied on edible oil.
Participating in a pre-budget consultative meeting held at Chennai on Monday, presided over by the Finance Minister, Mr O. Paneerselvam and the Commercial Taxes Minister, Mr S.S. Krishnamoorthy, the Chamber, represented by its President, Mr N. Jegatheesan and Senior President, Mr S. Rethinavelu, submitting a memorandum at the meeting, said the levy would only result in price escalation and tax evasion.
The memorandum which included a number of suggestions and demands, among others, referred to the sudden enhancement of the rate of tax under TN VAT Act on commodities and connected issues, inter-State sales, the Goods and Services Tax (GST), a permanent ban on online trading, etc. It further sought a subsidy of Rs 5/unit for Small and Medium industries using diesel generators for captive power generation.
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