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Tamil Nadu Commercial Taxes Department has collected over Rs 60,300 crore

Updated: 22/Sep/2015 11:01:28 AM
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Tamil Nadu Commercial Taxes Department has collected over Rs 60,300 crore
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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