Madhya Pradesh offers VAT exemption on soy meal, soy milk

KOLKATA: The Madhya Pradesh government has removed value-added tax ( VAT) on soy meal and soy milk.

The announcement was made by the state’s Finance Minister Jayant Mallayya while presenting the budget for 2016-17.

The Soybean Processors Association of India has welcomed the move.

“The overall thrust of the budget is on agriculture, which is a good sign,” said Davish Jain, chairman at Soybean Processors Association of India. “Use of harvested rain water and tax concession on agricultural implements will give a boost to the farm sector in the state.”

Jain said his association has also sought exemption of 1% entry tax on soy bean and reduction of ‘mandi’ tax to 1%.