The Madhya Pradesh government has once again turned down traders’ demand for abrogating ‘Form 49’. A trader has to furnish details of goods if he gets them from other states.
The traders on Sunday, under the banner Bhopal Chambers of Commerce and Industries, asked for the abolition of the mandatory provision of Form 49 because of problems of checking at commercial tax check posts and delay in sending goods to suppliers and furnishing details.
“We have not received even a single complaint from genuine businessmen or traders against Form 49. Only those who are involved in unscrupulous business practices of tax evasion demand abrogation. After imposing Form 49 our tax collection growth went up more than 20 per cent last year, said GP Singhal, principal secretary, commercial tax department, and added, “It is necessary in our state since we are not a supplying state like Maharashtra but ours is a consuming state.”
Tax experts say valuation of shares is a grey area and may lead to litigation