Govt. abolishes surcharge

CALCUTTA, MARCH 22. Like all Finance Ministers Dr. Asim Dasgupta, Bengal Finance Minister today widened the tax base further by lowering of rates and expecting a better compliance, in his budget for 2000-2001.

In the last budget he initiated the process by a wide scale reduction in ST. The experience remained good as ``there was no significant reduction of revenue''. This year ``the surcharge and additional surcharge on all the 550 commodities are abolished coupled with reduction of ST on a large number of commodities''.

Apart from the usual `rise in IMFL and cigarettes', the ST on motor vehicles is increased to 12 per cent, at par with other States. Hosiery and jewellery two traditional industry in the State are given a substantial benefit.

On employment, the State is clearly depending on the downstream of Haldia Petrochemicals, to be commissioned sometime next month. HPL and State Government have taken a joint bid to augment investment, mostly in SSI category, in the downstream sector. The target for the year is setting up of at least 354 such units, creating jobs for 55,000 people.

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Section  : Regional
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