Cotton trading has resumed in the south Indian State of Karnataka, as the Karnataka Chamber of Commerce and Industry (KCC&I) and the Karnataka Cotton Traders’ Association (KCTA) have withdrawn their strike.The two organizations have called-off their strike following an assurance from the State government to address the issues raised by the two bodies.
Earlier on November 10, the two organizations had given a call to suspend cotton trading demanding simplification of the process of refunding the VAT collected on purchase of cotton. The two organizations had also demanded reduction of VAT on buying of cotton from the present 5 percent to 2 percent and decrease in the levy of additional cess from the present 1.5 percent to 1 percent.
The State government has sought a month’s time to resolve the issues raised by the two organizations. KCC&I has, however, said that the organization would again agitate if the demands are not met by December 10, 2011.
Fibre2fashion News Desk - India
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