Major Bills introduced

NEW DELHI, MARCH 17. Though the functioning of the Delhi Assembly today was marred by protests from the Opposition Bharatiya Janata Party members, despite all the disruptions the Delhi Government managed to introduce two Bills of great significance. While one pertains to the VAT composition scheme and comes to the aid of small traders, the other proposes to greatly benefit property registrants.

Announcing the introduction of the Delhi Value Added Tax Amendment Bill, 2005, Delhi Finance Minister A.K. Walia said that under the composition scheme till now only the traders having a turnover of over Rs 25 lakhs were covered. But to benefit a large section of the trading community, the Bill proposes raising this limit to Rs 50 lakhs so that the small traders are exempted from the purview of the tax.

The other important Bill is the Indian Stamp (Delhi Amendment) Bill, 2005, which proposes to lower the stamp duty for registration of properties. Though the Delhi Government had reduced the registrations charges two years ago, the Bill proposes to make this a law by bringing in an amendment as the reduction had earlier been effected through an office order.

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