After putting the decision to collect tax on sugar and textile fabrics on hold for a year, the State Cabinet on Tuesday approved the Finance department’s proposal to levy Value-Added Tax (VAT) on these two items with effect from April 1. The Cabinet meeting, presided over by Chief Minister Naveen Patnaik, also decided to raise the lower rate of VAT on food items, medicines and some industrial and IT products from 4 per cent to 5 per cent. The new tax structure will be applicable from the next financial year.
Source: IBN Live
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