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Tamil Nadu Commercial Taxes Department has collected over Rs 60,300 crore
Posted on: 22/Sep/2015 11:01:28 AM
The Assembly was informed yesterday by Commercial Taxes Minister MC Sampath that Tamil Nadu Commercial Taxes Department has collected over Rs 60,300 crore revenue in 2014-15, registering a growth of 6.09 per cent over the previous year.
The Minister has also announced the following:
- At present, traders get new registration certificate under VAT in 30 days. The government would simplify the procedure and issue registration certificate within 48 hours.
- Divisional large tax payer units comprising top 75 traders who pay the highest taxes would be formed in Vellore, Salem, Tiruchy, Madurai and Tirunelveli.
- The fast track assessment circles functioning in Coimbatore would be renamed as Divisional Large Tax Payers Unit.
- A tax complex would come up in Nazarathpettai near Poonamallee at a cost of Rs 5.34 crore. In the complex, there will be 19 taxpayer unit offices.
- The exemption limit for value added tax (VAT) will now be Rs 1 crore. As of now, businessmen with annual revenue of Rs 75,000 need not pay VAT. But the limit had been increased to Rs 1 crore,
- The department has also allocated Rs 17 lakh towards training officials for at least 10 days in a year.
- The state government will come out with a Tax Litigation Policy, considering the large number of pending cases in Commercial Taxes department, many of which were unnecessary.
- The stamp duty which was 8% in the settlement agreement documents with the non members of the family has been reduced by 7%
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