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Goa abolishes VAT on fabrics
28
Jun '12
The government of Indian state of Goa has rolled back the five percent value-added tax (VAT) on fabrics.
 
Announcing the decision, Chief Minister Manohar Parrikar said VAT on fabrics is abolished with effect from June 1, 2012. However, VAT for the initial two months of the current financial year 2012-13 need to be paid.
 
The Chief Minister explained that the Central Government collected a five percent special excise duty on cotton fabrics till March 31, 2012. The Centre used to remit the duty so collected back to the state government.
 
However, the Union Government stopped collecting special duty from this year and said the state government can collect VAT instead. Accordingly, the government imposed a five percent VAT on fabrics.
 
It was later brought to the notice of the government that the neighbouring states had not imposed VAT on fabrics.
 
Also, for wedding and other occasions Goans usually prefer to shop in Belgaum, in the neighbouring Karnataka state. In such a situation, the additional five percent VAT would further adversely impact Goan businesses, the Chief Minister said.
 
Hence, the Cabinet took a decision to abolish VAT on fabrics, he added.
 

Fibre2fashion News Desk - India


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