Responding to the demand of cotton growers and traders in the State, the Government of Karnataka has simplified its policy of levying value added tax (VAT) on purchase and sale of cotton.
Under the revised procedure, the government will collect a fixed VAT of 2 percent on purchase and sale of cotton.
So far, VAT was collected at five percent and three percent was later reimbursed to cotton farmers and traders.
The earlier procedure created a lot of problems and hence it has now been decided to collect two percent VAT and do away with the practice of reimbursing three percent, Lakshman S Savadi, Minister for Cooperation and Agriculture Marketing, said.
Fibre2fashion News Desk - India
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