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Chamber against Kerala move to implement TOT

Our Bureau,

KOCHI, July 31

A DELEGATION of the Indian Chamber of Commerce and Industry called on the Kerala Chief Minister and apprised him of the consternation of trade and industry pursuant to the imposition of turnover tax in the State.

The delegation comprising members of the Tea Buyers and the Tea Trade Association, Cochin Hill Produce Association, Cochin Rubber Merchant Association informed the Chief Minister that the trade in rubber and hill produce goes through the hands of 3 or 4 dealers before it reaches the terminal market and the margin earned by dealers in case of rubber is 0.5 per cent and in case of hill produce 1 to 1.5 per cent.

The net margin being negligible, none of the dealers could afford to pay turnover tax at the rate of 1.5 per cent. They pointed out that the TOT would only pave way for unauthorised movement of goods and there was every likelihood of the trade being shif ted to neighbouring States, a press release issued by the Indian Chamber said.

Meanwhile, the Cochin Rubber Merchants Association, in a press release said that it had decided to defer their earlier decision to stop trading from August 1 following the assurance given by the Chief Minister to look into the matter.