Financial Daily from THE HINDU group of publications
Friday, Mar 31, 2006
Financial Daily from THE HINDU group of publications Friday, Mar 31, 2006 |
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Agri-Biz & Commodities
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Cashew Industry & Economy - Taxation States - Karnataka Karnataka slashes VAT on cashew Our Bureau
Mangalore , March 30 The Karnataka Government has reduced value-added tax (VAT) on cashew kernels from 12.5 per cent to 4 per cent. Mr K. Prakash Rao, President of the Karnataka Cashew Manufacturers' Association (KCMA), told Business Line on Wednesday that the Deputy Chief Minister and Finance Minister, Mr B.S. Yediyurappa, had announced this in the State legislature on Wednesday. "This relief will go a long way in boosting cashew consumption in our State. This reduction of tax will increase revenues from the industries to the exchequer," Mr Rao said. A KCMA release here thanked the Karnataka Chief Minister, Mr H.D. Kumaraswamy, and Mr Yediyurappa for the tax relief. The release said the move had brought the industry in Karnataka on par with neighbouring cashew-processing states like Goa and Maharashtra. The KCMA had met the Karnataka Finance Minister to impress upon him the need for this measure. The industry had difficulty marketing its produce within the state owing to the 12.5 per cent VAT.
More Stories on : Cashew | Taxation | Karnataka
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