Tamilnadu -
Plea to exempt all foodgrains from GST
The Tamil Nadu Foodgrains Merchants Association has requested the Union Finance Ministry to provide tax exemption to all foodgrains under the proposed Goods and
Services Tax (GST).
A memorandum pressing various demands was submitted to
Finance Minister Pranab Mukherjee by association
president S.P. Jeyapragasam and executive committee
members P. Subash Chandra Bose and C. Deivarajan in New
Delhi recently in the presence of Dindigul MP N.S.V.
Chithan.
The Association pointed out that the State Government
had already exempted foodgrains in the Value Added Tax
in Tamil Nadu.
It also wanted the service tax on lorry freight borne by
traders to be withdrawn.
Currency notes
The trade body also wanted issuance of high
denomination currency notes such as Rs. 5,000 and Rs.
10,000 to be considered for easier transaction and for
safety.
The spend-ceiling on credit cards could also be enhanced
from the present level.
While welcoming the proposed single code for direct
taxes, the association said that profits on the sale of
business capital assets must be treated as long-term
capital gains.
The association also wanted the Finance Ministry to
allow carry over of losses of the earlier years even
when the returns of income for the current year was
filed belatedly as in the current provisions of income
tax.
The association also hailed the move under the proposed
Direct Taxes Code to unify separate concepts of the
‘previous year’ and ‘assessment year’ by a unified
‘financial year.’
Mr. Jeyapragasam urged the Minister to consider the
above demands while tabling the budget for 2010-11, it
was stated in a press release issued here on Tuesday.
