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KCC&I suspends cotton trading in Karnataka
11
Nov '11
In response to a call given by the Karnataka Chamber of Commerce & Industry (KCC&I) and Karnataka Cotton Traders' Association (KCTA), cotton traders in the State have stopped purchase of cotton from Thursday as a protest against the Karnataka government's alleged indifference towards their demands.

The traders are mainly demanding simplification of the process of refunding the VAT collected on purchase of cotton.

KCCI said, owing to lack of textile and garment mills in the State, traders purchase raw cotton and clean it before selling the same in other States. At present, these traders have to initially pay a 5 percent VAT at the first stage of purchase and the government later on refunds 3 percent of this amount. Traders allege that the process of refunding this 3 percent is lengthy and should be simplified.

KCC&I said the government has failed to refund the 3 percent amount, which has now touched Rs. 1 billion per annum.

Representatives of KCC&I submitted a memorandum to Chief Minister DV Sadananda Gowda, Directors of Agricultural Produce Market Committee (APMC) and other government officials requesting to address the demands of cotton traders.

Fibre2fashion News Desk - India

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