Meet for VAT

Minister for Commercial Taxes, SNM Ubayadullah, (centre), Secretary, Commercial Taxes and Registration Department, M. Devaraj, (left) and President of the Indian Chamber of Commerce and Industry, Coimbatore, D. Balasundaram, (right) at a meeting on Value Added Tax organised in Coimbatore on Tuesday.The Department of Commercial Taxes has constituted a committee to study the decline in tax revenue during June this year in this division. Speaking at a programme organised on the Indian Chamber of Commerce and Industry, Coimbatore, premises here on Tuesday, the Minister for Commercial Taxes, SNM Ubayadullah, said the Division registered a decline in commercial tax collection in June as against the corresponding period last year.

The commercial tax revenue from this division in 2006-07 was Rs. 1,762 crore. In January this year, the revenue was Rs. 158 crore as against Rs. 125 crore in January, 2006.In February, the revenue realisation was Rs. one crore more than that of the same period last year.In March, it was Rs. five crore more than the corresponding period and in April it was Rs. six crore more. In May it was Rs. five crore more than May 2006.However, in June it was Rs. four crore less – the commercial taxes collected in June this year was nearly Rs. 134 crore as against Rs. 138 crore last year.

Speaking to presspersons after the meeting, the Minister said that one reason for the decline in the commercial taxes collection could be higher input tax credit claim. A committee had been formed to study the issue and a report was expected by August 24.Some other divisions in the State were registering higher revenue collection continuously, he said.The aim was to achieve an average 20 per cent growth in the tax collection.On the plea of tobacco manufacturers to reduce Value Added Tax, he said the Government was considering exemption of the tax for beedi and cigar. Chewing tobacco manufacturers had also sought exemption for their products.

The Minister said that pre-budget meetings were with representatives of various trade sectors and their demands were considered.The Minister, monitoring committee members and officials of the Department of Commercial Taxes listened to the views of representatives of different sectors here and replied to their queries on Value Added Tax. Similar meetings would be held in Madurai and Chennai too.

Related Posts by Categories

Business News

• Coimbatore identified for lean manufacturing programme
• Industrial estates for smaller units sought
• BEML opens its Vendor Dev Office !!
• L & T Opens its casting unit !!
• Kannan Departmental Stores on expansion
• Chamber seeks removal of duty for fibre imports
• Tata launches Photon Plus in Coimbatore
• LMW sees increase in capacity utilisation
• Premier mills fory into luxary bed market
• India tops in BPO list !
• Ramco organises programme to explain its products
• Skill development programme
• L&T bags hospital building order at cbe !
• NEPC sets up a SEZ at Palladam !!
• Top Pricol official injured in an Attack
• Swiss delegation explores business opportunities
• Move to derecognise Coimbatore Stock Exchange stayed by HC
• ‘Made in Coimbatore’ expo in Mangalore
• Dresser establishes EOU in Coimbatore
• UNIDO launching new cluster programme !
• Powerloom strike continues.....
• Pump set price may go up !!
• Japanese delegation explores opportunities in semiconductor sector
• Duty Free Shop Inaugurated At Coimbatore Airport
• U.S Consulate Consul General @ Coimbatore