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Tamil Nadu CM presents tax free budget for the fiscal 2015-16

On Wednesday Tamil Nadu Chief Minister O Panneerselvam presented a tax free budget for fiscal 2015-16 in Chennai.

Panneerselvam said that the government had decided against imposing additional taxes in spite of the severe financial burden and the slow growth in the state’s tax revenues.

He has exempted fishing accessories as ropes, floats, twine, fishing lamps and swivels from VAT. Likewise mosquito nets have been exempted from VAT.

The Vat rates on cardamom, LED lamps, air compressors, cell phones and pump sets were also reduced by the CM.

He also announced that the electricity tax on power generating plants using biomass would be withdrawn.


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