Thursday, June 4, 2009

CII applauds Mahaashtra's tax reform measures

The Confederation of Indian Industry Maharasthra Council Chairman Pramod Chaudhari today lauded state Finance Minsiter Dilip Walse Patil for introduction of some tax reform measures in the budget for the current fiscal.

In his reaction here, Mr Chaudhari said the CII had been pursing simplification of VAT refunds schemes for dealers and the government move to simplify the schemes with refund below Rs 5 lakhs to get early refunds was a positive development. Computerisation of Sales Tax Department would expediate the procedures and thus benefitting the exporters.

Other issues, including exemption from professional tax for salary income upto Rs 5,000, relief to tax payers and Amnesty schemes, which will be operational from July 2009, would be beneficial to the professional tax payers/industry.

Mr Chaudhari said that Incentives to space research, reduction in the tax rates on Cotton Ginning and Pressing machinery and Tax reduced on solar energy devices, CFL and medicals equipments were noteworthy proposals announced by the government.

However, Mr Chaudhari said, that this budget comes as a disappointment on Octroi as no measures to address this issue has been proposed. He mentioned that increase in the Motor Vehicle Tax would affect the industry. He also stressed that the Restructuring of stamp duty on various agreements is a serious issue and requires detailed study as this would have an impact on the industry to great extent.

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