Amit Mitra: Tax reforms in state Budget will help 1 lakh traders

Kolkata: State finance minister Amit Mitra informed the House on Friday that his proposal for tax reforms in the Budget would benefit over 1 lakh small traders in the state. During the discussion on the West Bengal Finance Bill 2017, which he tabled in the House, Mr Mitra said, “1,06,000 small traders will receive benefits from this Bill.”

“Out of these, 17,000 will be benefitted from the relaxations proposed under the Entry Tax category, while 26,000 more will benefit from the hike in the threshold limit of the Value Added Tax (VAT) from Rs 10 lakhs to Rs 20 lakhs. Another 33,000 will get benefits under the composition scheme, with 30,000 getting relief from mandatory submission of the VAT audit report.” The Bill, followed by another — the West Bengal Appropriation Bill 2017 — were later passed in the House without any opposition. The finance minister later explained that the Bill was aimed at strengthening the Calcutta Stock Exchange (CSE) through its provisions.

“The CSE witnessess around 12,000 tradings daily. Recently, there was a report that all stock exchanges across the country may be closed, and there will be merely one or two instead. So we are trying to strengthen the CSE,” he added.

According to him, chief minister Mamata Banerjee wants revive the past glory of Howrah, which was a manufacturing hub.

“We are heading towards the same direction now,” Mr Mitra said.