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Industry's plea to retain VAT exemption

Staff Reporter

BANGALORE: The Federation of Karnataka Chambers of Commerce and Industry has urged Deputy Chief Minister B.S. Yediyurappa to continue with the Value-Added Tax (VAT) exemption provided for foodgrains, particularly rice and wheat.

Mr. Yediyurappa, who also holds the Finance portfolio, has commenced pre-budget consultations with trade and commerce bodies for drafting the second budget.

According to the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) president R.C. Purohit, the price of pulses, wheat and rice has already increased, and if the commodities are brought under the VAT bracket, the price of pulses will increase by another Rs. 5 a kg and that of wheat by Re. 1. B.T. Manohar, chairman of FKCCI's taxation committee, said the Government could not change the present rate since VAT came under the purview of an Empowered Committee of Finance Ministers headed by West Bengal Finance Minister Asim Dasgupta.

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