THIRUVANANTHAPURAM:
Finance Minister T.M. Thomas Isaac on Tuesday withdrew his budget proposal to introduce a VAT duty of one per cent on textiles.
Introducing the Kerala Finance Bill, 2007, in the State Assembly on Tuesday, he also withdrew the proposal to enforce the use of bank cheques or demand drafts for all sales transactions exceeding Rs.20,000.
Another decision announced by him related to the proposal in the budget to impose a stamp duty on the sale of used vehicles. Dr. Isaac dropped this proposal also from the budget.
He said the Government's revenue receipts would come down by Rs.22.5 crore from the budgeted figure on account of these decisions. The deficit would increase to that extent. The House passed the Finance Bill.
The Assembly also passed two other Bills on Tuesday, the Kerala Handloom Workers' Welfare Cess Bill, 2007, and the Kerala Public Accountants (Amendment) Bill, 2007. The first, piloted by Labour Minister P.K. Gurudasan, envisages introducing a cess of 0.25 per cent on textile trade for augmenting the resources of the Kerala Handloom Workers' Welfare Fund.
The second Bill is intended to make the advocates appearing on behalf of the Government in courts accountable for the losses they might cause to the exchequer due to their negligence or dishonesty. Revenue Minister K.P. Rajendran piloted the Bill.
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