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CII welcomes VAT regime

Special Correspondent

Expectation on CST withdrawal to be addressed

Puducherry: The Confederation of Indian Industry (CII) here has welcomed the announcement made by Chief Minister N. Rangasamy that the Value Added Tax (VAT) will be implemented in the Union Territory from June 1. Chairman of the CII C. Chinnasamy said in a release that nothing had, however, been said in the budget about the withdrawal of Central Sales Tax (CST) as had been expected by the industries.

Such withdrawal would enable the industries to compete with their counterparts in the neighbouring States. The Chairman hoped that the Government would announce some relief in the near future.

Mr. Chinnasamy said that the budget was on the whole industry-and people-friendly.

The decision to allocate additional power supply in Puducherry and to replace electro-mechanic meters with electronic meters in high power-consuming industries would lead to economic development. He said that the proposal to form a Non Resident Indian Cell in the Department of Industries and Commerce to promote foreign investment was a welcome move.

The decision to create a favourable climate for encouraging entrepreneurs and to reconstitute the Industrial Promotion Committee under the Chief Minister would fulfil the expectations of industrialists intending to start or expand industries.

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