Published On: Wed, Feb 4th, 2015

Madhya Pradesh Finance Minister holds pre-budget dialogue with trade associations

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BCM-Website-Newyorkhopal : Finance and Commercial Taxes Minister Shri Jayant Malaiya held pre-budget dialogue with state’s trade associations, traders and tax consultants here today. He sought suggestions from them about making trade-business more vibrant and smooth and held extensive discussions on their problems. The Finance Minister said that problems being experienced in submitting online returns will also be solved. On traders’ suggestion, the Finance Minister said that state-level VAT Advisory Committee would be revived. Principal Secretary Commercial Taxes Shri Manoj Shrivastava and Secretary Finance Shri Manish Rastogi also participated in the discussions.

The Finance Minister said that sending assessment electronically is under consideration. The e-Registration System introduced in 5 districts will be implemented in entire state from April. During discussions on loss to government and traders due to online trading, the Finance Minister sought suggestions from traders to overcome it. The Finance Minister assured to consider their suggestions. The Finance Minister said that arrangements to send online notices to traders will also be made. He said that it is being contemplated to create separate category for government institutions in Bhama Shah Awards.

Trade associations and traders lauded the state government for e-Gatiman Yojana for Form-49, reduction of tax on iron from 5 percent to 2 percent and other trade-friendly measures. They suggested to reduce penalty imposed for delay in filing returns and prescribed its maximum limit. They also suggested to expedite disposal of cases in appellate board and continue period of stay till disposal of cases. It was also suggested that a trade development cell should be created. The traders suggested that Commercial Taxes Department’s activities should be separated from departmental software and traders with small turnover should be given facility of annual return.

Trade associations, traders and consultants put forth a number of suggestions regarding improvement in tax laws, rules and arrangements. The Finance Minister assured to implement these suggestions as far as possible.

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