The Hindu Business Line : `TN taxes on oils, oilseeds must be brought down'

THE Tamil Nadu Government should bring down taxes on oil and oilseeds trade to make the business competitive and prevent tax evasion, according to the Madurai Oil and Oilseeds Association.

In a representation, the traders have requested the Government to bring down taxes on oil and oilseeds to 2 per cent, set-off the tax paid on oilseeds from tax on oils, and do away with resale tax and turnover tax.

The traders now pay 4 per cent on oilseeds and oils without the set-off facility, 4 per cent on oilcake and 1 per cent as resale tax, 5 per cent as surcharge and 1 - 3 per cent on turnover. These taxes make the trade unviable and businesses have shifted to neighbouring states, which extend set-off facility and do not levy resale tax, surcharge and turnover tax, according to the association. If the taxes were in line with that in other states, the Government's revenue would increase, it added.

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