Finance Minister K M Mani on Monday said the government has raised the turnover base for traders from Rs 5 lakh to 10 lakh for VAT registration with the aim to boost trade and industrial sector in the state.
Inaugurating a scheme to encourage the registration of VAT and the amnesty scheme launched by Commercial Taxes Department, he said the scheme was launched in the backdrop of the government raising the turnover base.
The scheme will exempt traders from tax arrears with respect to VAT and the traders can go for a one-time settlement of VAT registration. The scheme will be available till September 30.
Mani said that a culture should be developed where people do not resort to tax evasion but instead go in remit taxes.
Mani said that as per the scheme, the traders who make use of the scheme will get many benefits. As per the amnesty scheme, the traders could settle their arrears till 2005. They could settle the arrears till December 31, Mani said.
Heath Minister V S Sivakumar and Minister of State for Human Resource Development Shashi Tharoor were present at the function.
