Excelsior Correspondent
JAMMU, Jan 28: Associated Chamber of Traders Federation (ACTF) members met the State Finance Minister A R Rather here today and presented pre-budget proposal, giving certain suggestions.
Led by Yash Paul Gupta, president of the body, the delegation of ACTF stressed for infrastructural development including new parking slots, flyovers, shopping complexes and commercial centers in Jammu. It was pointed out that work on the proposed projects of Jammu like, artificial lake over Tawi, Rope way trolley and Mubarak Mandi heritage site be expedited.
It was suggested that harsh taxes on some items be withdrawn as it affect the common man. The members also stressed for raising of exemption limit from Rs 7.5 lakh to 15 lakh keeping in view escalation in the prices of almost all the commodities. They said the rate of Turn Over Tax (TOT) on second sale of annual turnover is Rs 20 lakh and the tax of 1 % is levied on it. It was therefore demanded to raise the limit up to Rs 50 lakh.
The ACTF further proposed that cut off limit for audit may be put at Rs 1 crore instead of Rs 60 lakh. They also suggested that dry fruits, electric items, milk products, plywood, boards, lamination film, sweets etc are needed to be clubbed under 5% tax regime instead of 13.5 %. Again, items like shawls, blankets and saffron be kept out of the purview of VAT.
They also demanded early release of VAT returns to exporters and traders, amnesty to the inadvertent defaulters, speedy clearing of goods at Lakhanpur without much hassles and development of existing fruit and vegetable markets.
Trending Now
E-Paper
Follow our WhatsApp channel