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Ujjain

Updated on: Wednesday, June 12, 2019, 09:00 AM IST

Ujjain: CoC opposes proposed 5% tax on withdrawal of Rs 10 lakh or more

Central India Chamber of Commerce held a meeting and opposed the proposed tax on traders on withdrawal of Rs 10Lakh or more during a financial year.
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Ujjain: Central India Chamber of Commerce held a meeting and opposed the proposed tax on traders on withdrawal of Rs 10Lakh or more during a financial year.

Addressing the meeting president Manaklal Giriya and secretary Yashwant Jain told that on one side the government asks us to pay farmers in cash and on the other it has proposed to tax withdrawal on Rs 10 Lakh or more at rate of 5 per cent on.

Jain said, it is compulsory to pay farmers payment of up to Rs 200,000. So to purchase crops traders have to withdraw Rs 10 lakh to 20 lakh daily from the banks, and the government is going to levy the tax at the rate of 5 per cent on total withdrawal for an accounting year which would adversely affect their business.

The chamber of commerce demanded finance ministry to revoke the proposal in the interest of businessmen and farmers. Giriya said, if the said tax is imposed then the traders would have to launch agitation across the country.

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Published on: Wednesday, June 12, 2019, 09:00 AM IST
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