Businessmen’s problems to be considered sympathetically

Commercial taxes minister Mr. Malaiya assures

Bhopal, April 23, 2016 (Ataullah Faizan):  Finance and Commercial Taxes Minister Mr. Jayant Malaiya has assured that problems of businessmen will be considered sympathetically. A delegation comprising representatives of various business and industrial establishments, tax consultants and associations met the Minister here today. Commissioner Commercial Taxes Mr. Raghavendra Singh was also present on the occasion. The delegation apprised the Minister of their difficulties and also put forth suggestions. The Minister informed that orders have been given to defer proposal for transit passes keeping in view disturbance in smooth conduct of business in the state due to imposition of proposed transit passes for transportation of iron, steel, oilseeds, edible oils, paan masala and tea. Besides, necessity of Form-49 is being abolished on articles exempted from tax in budget announcements, specially cloth. Now, Form-49 will be applicable only to taxable goods.  Turnover limit for presenting annual returns has been increased from Rs. 20 lakh to Rs. 40 lakh. Amount of deposited tax has been kept at Rs. 10 thousand. Therefore, it has been decided to ensure action by examining proposal to deposit Rs. 20 thousand with limit of turnover. Directives have been given to department to abolish 5 percent VAT and one percent entry tax on helmets to decrease their cost for saving lives of 2-wheeler riders. Businessmen expressed gratitude towards the Minister for reducing tax to 5 percent on HDPE, LDP bags and plastic packing material and abolishing necessity for TDS under Section 26 for public limited companies and public undertakings.

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