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TN chamber caution on VAT

MADURAI: The Tamilnadu Chamber of Commerce and Industry has expressed opposition to the implementation of uniform floor rates and VAT without the required modifications and changes suggested by trade and Industry.

Mr. S. Rethinavelu, President of the chamber, in a statement here, said that the new tax systems if implemented as they are, would severely affect the interests of the State. The recent announcement of the Union Finance Minister that States which do not implement the systems in full before July 31 would be deprived of Central financial assistance was shocking.

He called for the immediate constitution of High Level Advisory Committee consisting representatives from trade and industry and Government officials. The panel would examine the implications and suggests appropriate changes to be made. Any premature and precipitated implementation of the above two tax systems, would put the trade in trouble, he said. _ Our Correspondent