TN budget key to ensuring equitable growth, says industry

Chennai:
Industry has hailed the Tamil Nadu budget and said it is aimed at
ensuring equitable and balanced growth.

Confederation of Indian Industry and Madras Chamber of Commerce and
Industry (MCCI) said that withdrawing the input tax credit reversal,
imposed at the rate of 3 per cent on the inter state sale of goods,
would make the manufacturing industries more competitive in Tamil Nadu
in comparison to other states.

S N Eisenhower, chairman, CII Tamil Nadu, thanked the state government
for considering their chambers recommendation especially in taxation
and promotion of entrepreneurship in Tamil Nadu.

CII and MCCI also hailed the government for withdrawing Clause (C )
under Section 19 (5) of TN VAT Act 2006 to enable the dealers to claim
input tax credit on the inter-state sale of goods without C-Form. This
measure will eliminate additional burden on the dealers effecting
inter-state sale of goods without C-Form.

K Saraswathi, secretary general of MCCI, stressed on the need to
expedite Madurai Tuticorin Industrial Corridor to bring greater
industrial growth to the Southern districts. She said that the
creation and improvement of port infrastructure which is critical for
State exports had not been mentioned in the budget. “This, which is an
important component of Vision 2023 needs to be addressed,” the Chamber
felt.

Eisenhower said the move to establish an Entrepreneurial and Business
Acceleration Centre (EBAC) in public private partnership mode by the
Entrepreneurship Development Institute in partnership with CII will be
a major step towards promotion of entrepreneurial culture in Tamil
Nadu and CII look forward to associate with the state government in
this landmark initiative.