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Proposed VAT duty on textiles revoked

30
Mar '07
THIRUVANANTHAPURAM:

Finance Minister T.M. Thomas Isaac had earlier proposed to introduce VAT duty of one percent on textiles.

On the occasion of introducing Kerala Finance Bill, 2007 in the State Assembly on Tuesday, he has announced withdrawal of the proposed VAT duty of one percent on textiles.

He has also withdrawn the proposal to use bank cheques or demand drafts for all sales transactions exceeding Rs20,000.

Kerala Handloom Workers' Welfare Cess Bill, 2007 was also passed by the Assembly on Tuesday, which was piloted by Labour Minister P.K. Gurudasan.

This bill incorporates a cess of 0.25 percent on textile trade to build up resources for Kerala Handloom Workers' Welfare Fund.


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