VAT waiver: Sellers have not lowered sugar price
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Although the state Excise and Taxation Department has waived off VAT on sugar, the prices of sugar have still not come down. If wholesalers are to be believed, if the notification is not done soon, this may cause scarcity of sugar in the market. Reason: the wholesalers have stopped ordering sugar from UP market because the notification of waiver of VAT on sugar has not come as of now and, hence, they don't want to pay any extra money.
It needs to be mentioned that when the state Government had announced VAT on sugar last month, the retailers as well as wholesalers had increased the prices the next day only while the notification was done five days later.
State Excise and Taxation Commissioner A Venuprasad said, "The notification will be done in a day or two. There is no need to create any panic as there are enough stocks of sugar in the market as per my information." He added, "While imposing VAT as well, we took five days to notify it. So the traders should cooperate with us."
Wholesalers as well as retailers had minted profits when VAT was imposed, because the price of sugar in the retail market was Rs 35 a kg and just after the announcement of VAT imposition, the prices had jumped to Rs 38 a kg. A few days later it was in the range of Rs 42-44 a kg as well and later settled to Rs 40 a kg.
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