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THIRUVANANTHAPURAM: The State Assembly on Thursday resolved to exempt small traders having an annual turnover of not more than Rs 10 lakh from the purview of Value Added Tax (VAT).

The State Budget had earlier proposed a threshold limit of Rs 5 lakh. Similarly, community halls, auditoria, kalyanamandapams and similar places that command a rent of Rs 6,000 or more a day will attract a luxury tax.

The Budget proposal was for a 10 per cent tax on all categories of halls used for marriages and similar functions with a daily rent tag of Rs 3,000 or more. Amendments to this effect have been incorporated in the Kerala Finance Bill passed by the Assembly. The Finance Minister, Mr Vakkom Purushothaman, said the presumptive tax of one per cent under the VAT regime would now cover turnover from Rs10 lakh to Rs 50 lakh.

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