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The Indian Chamber of Commerce and Industry, Coimbatore (ICCIC), has hailed the Tamil Nadu budget for 2015-2016 presented by Chief Minister O Panneerselvam today as a `balanced’ budget.
The budget, apart from being tax-free, has laid special emphasis on the development of all sectors, D Nandakumar, President, ICCIC, said.
In a release, he welcomed the decision to reduce VAT on LED lamps to 5 per cent from 14.5 per cent and to withdraw 3 per cent Input Tax Credit and slash VAT on 10 HP motor pumps, cell-phones, and air-compressors to 5 per cent. Detailing the allocation for various sectors, he said the steps to reduce taxes would give a boost to the manufacturing sector in the State.
In total he described the budget as “a balanced one” and extended the ICCIC’s support to the state government’s efforts for the development of trade and industry and wellbeing of the common man.
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