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CM yields an inch on VAT

HYDERABAD: In an attempt to please textile merchants who are demanding scrapping of the 5 per cent valueadded tax (VAT) on textiles, chief minister N Kiran Kumar Reddy is learnt to have cleare

Published: 02nd February 2012 05:05 AM  |   Last Updated: 16th May 2012 05:47 PM   |  A+A A-

HYDERABAD: In an attempt to please textile merchants who are demanding scrapping of the 5 per cent valueadded tax (VAT) on textiles, chief minister N Kiran Kumar Reddy is learnt to have cleared the raising of the VAT exemption limit from Rs 5 lakh to Rs 7.5 lakh.

According to reliable sources, the turnover tax of 1 per cent tax will apply to a turnover of Rs 50 lakh as against Rs 40 lakh at present. The chief minister has reportedly directed the Commercial Taxes department to present the proposal at the next cabinet meeting for ratification, sources said.

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