FM holds pre-budget confabulations with industry reps
BHOPAL: Finance and Commercial Taxes Minister Jayant Malaiya held detailed discussions with representatives of state’s manufacturing establishments at Mantralaya here on Tuesday in the series of meetings for eliciting views and seek suggestions from various sections of society and establishments regarding preparation of Madhya Pradesh’s budget for year 2014-15.
Malaiya said that interests of manufacturers and businessmen will be fully protected and their problems will be solved effectively. He sought their suggestions regarding this. Principal Secretary Commercial Taxes AK Rai and Commissioner Commercial Taxes Amit Rathore were also present on the occasion.
Representatives of manufacturing establishments demanded to end dual entry tax. Some representatives demanded to abrogate entry tax. Gas Authority of India Limited demanded that 30 percent VAT should be reduced to 2 percent. Representatives of National Fertilisers Limited, Vijaypur suggested fertilisers used by farmers should be exempted from tax. Representatives of textile sector suggested reduction of tax on yarn from 5 to 2 percent. They also suggested exemption of coal purchase from entry tax. They said that audit process should be simplified further and electricity duty reduced to 9 percent.
It was also suggested that no tax should be realised on self consumption of power from captive power plants. Representatives of tobacco industries suggested to reduce tax on tobacco products. Principal Secretary Rai said that higher taxes have been imposed on tobacco products consciously to reduce their consumption in society. About delay in assessment, Rai said that the process will be expedited. Discussions were also held on ITR-related issues.