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Industrial bodies demand rationalisation of VAT
February, 27th 2012

The expectations of the industrial sector are galore from the state's forthcoming budget, which will be presented by state finance minister Raghavji in the state assembly on Tuesday. State's various industry bodies expressed the hope that the government would come up with various pro-active measures in the budget that could help boost the sector including the rationalization of the value added tax (VAT) and reduction in the stamp duty.

MP Electric Merchants & Contractors Association demanded that the VAT must be reduced from the current level of 13% on CFL to 5% as it would boost the sales of the energy saving devices.

On stamp duty on mortgages & hypothecation, which is the highest in the state at the rate of 0.25% to a maximum limit of Rs 5 lakh, the Pithampur Industrial Association demanded that it must be kept at the minimum level.

Gautam Kothari, president of the association, told ToI that earlier, the stamp fees were charged up to a maximum limit of Rs 50,000. But, it has been increased to 10 times the earlier system. The association demanded that the energy development cess, which was charged at the rate of Rs 0.15 per unit by the captive power plants, must also be rolled back.

Association of Industries in Madhya Pradesh is in favour of increasing the limit of account audit to Rs 1.50 crore as against the current mark of Rs 60 lakh.

Commenting on the mandi tax on agricultural produce, which was currently charged at 2%, the Indore Anaj Tilhan Vyapari Sangh has said that it must be reduced to 1%.

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