Surti traders relieved as Andhra Govt reduces VAT rate
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- Business & Industry
- Tuesday, 24 April 2012 17:24
- Published on Tuesday, 24 April 2012 19:24
- Hits: 1194
Gujarat Global News Network, Surat
Textile traders from Surat heaved a sigh of relief as Andhra Pradesh government has reduced the rate of VAT to be levied on the businesses to one percent. The government had earlier decidedto levy five percent VAT on business with turnover pf above Rs 7.5 lakh.
The decision from the Andhra govt has come after local textile traders in AP had announced an indefinite strike from April 30 to protest the government’s decision to levy five per cent VAT on the business turnover. This step would have had a major impact on the local textile industry as Surat is the top destination from where textile traders of AP purchase fabrics, including saris and dress material.
With their demand met, the textile traders are planning to call off the indefinite strike. Â AP is a key market for the polyester saris manufactured in the city.
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