Telangana House passes Bill to reduce VAT on cell phones significantly
December 28, 2016
Hyderabad: The Telangana Legislative Assembly today passed a Bill reducing VAT from 14.5 per cent to five per cent on cell phones.
State Animal Husbandry Minister T Srinivas Yadav, who moved the Telangana Value Added Tax (Fourth Amendment) Bill, said the Bill seeks to reduce VAT from 14.5 per cent to five per cent.
According to the statement of objects and reasons of the bill, trade diversion has been taking place from Telangana to neighbouring states due to higher rate in the state.
“On account of this amendment, state revenue to the extent of Rs 5 crores will be protected,” the Financial Memorandum of the Act said.
Pointing out that reducing VAT would benefit common people, opposition Congress and BJP also supported the Bill.
PTI
Recent Stories
- 20 years imprisonment to sacked IPS Sanjiv Bhatt for planting drugs
- Movie theater, PG hostel, Game Zone in TRP mall sealed by AMC
- Adani’s copper unit in Mundra begins operations
- Gujarat Super League to Revolutionize Football Landscape in Gujarat
- Patil takes data and mathematics class of party office-bearers in Rajkot
- Gandhinagar Municipal Corporation becomes Congress-mukt
- Panchmahal Congress candidate faces trust deficit among section of party workers