TN Govt announces "Samadhan Scheme" for traders

Chennai, July 22 (UNI) The Tamil Nadu government today announced the introduction of ''Samadhan Scheme'' for the benefit of traders, who were in arrears of sales tax.

Presenting the budget proposals for the year 2006-07 in the state assembly, Finance Minister K Anbazhagan said this followed representations from the trading community.

As the state would be shifting to the Value Added Tax (VAT) regime from January one, 2007, it would be in the interest of the state and the trading community to bring to closure all outstanding tax arrears, he said.

''It is with this objective, it has been decided to introduce a new trader friendly ''Samadhan Scheme'', which will be available to all dealers who are in arrears of sales tax. Necessary legislation indicating details of the scheme will be introduced in the current session,'' he said.

In keeping with our assurance that re-sale tax would be abolished in the state, the government was happy to announce that re-sale tax which was introduced by the previous government would be abolished from January one, 2007, Mr Anbazhagan said.

UNI AKN/WS AJ RL GC1259