Kolkata, Mar 17 (UNI) Bharat Chamber of Commerce president P R Agarwal today hailed the West Bengal budget, saying it was industry-friendly with continued emphasis on land reforms.
In a release here, Mr Agarwal was full of praise for state Finance Minister Asim Dasgupta for reduction in tax rate on industrial raw materials and withdrawal of tax for certain category of footware. '' The proposal for reduction of VAT from 12.5 to four per cent on some industrial raw materials would boost the industrial development in the State and is welcome, '' he stated.
'' However, this should have covered all the industrial raw materials, streamlining the process of VAT registration revival of the scheme under self-declaration for those, who have not registered themselves-under VAT and stress on E-governance of tax administration are also welcome, '' he asserted.
Bringing the disputes relating to Central Sales Tax under the Settlement Commission will make it easier to settle disputes under Central Sales Tax, he said.
Bengal National Chamber of Commerce and Industry secretary K K Navada also complimented Dr Dasgupta for reduction in tax rate on industrial raw materials.
'' The reduction of tax on shoes costing within Rs 750, tailoring items, kerosene stove, load roller to the rate of four per cent and withdrawal of tax on comphor and few others items are indeed laudable steps, '' he said.
The proposal of reduction of luxury tax on hotel rooms from ten to five per cent, increase of applicable category of room tariff from Rs 500 to 1000 per day will help the hospitality industry, he added.
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