HYDERABAD: Andhra Pradesh Federation of Textile Association (APFTA) thanked government and leaders of political parties for reducing the levy from 5 per cent to 1 per cent on business turnover, and for its decision to provide other concessions. It acknowledged the efforts of Chief Minister N Kiran Kumar Reddy who had recently promised to provide relief to the textile traders in the state.
Speaking at a press conference, president of the APFTA Ammanabolu Prakash said, the decision to levy and collect only one per cent of tax on any level of business turnover above Rs 7.5 lakh, instead of, 5 per cent at present has come as a big relief for the traders. The government has also agreed to waive VAT payable during the agitation period from 11th July 2011 to 31 March 2012.
There will not be any tax on turnover below Rs.7.5 lakh. The new arrangement will be effective from April 1, 2012. The handloom textiles have been exempted from any other form of taxation.