Tax sops on purchase of PoS machines in Madhya Pradesh

Bhopal: Madhya Pradesh Government today announced major tax exemptions on purchase of point-of-sale (PoS) machines to promote cashless and digital transactions.

"There would be exemption of 14 per cent in VAT and two per cent in entry tax on the purchase of PoS machines. State cabinet has approved the proposal in this regard," MP finance minister Jayant Malaiya told journalists after the cabinet meeting today.

"This step is taken to promote cashless transactions," he added.

On being asked about the duration of these exemptions, the finance minister said this would continue till the next order of the state government.

Informing about other decisions, Malaiya said the state cabinet has also decided to provide an incentive of Rs 5000 to each of the state government's employees/officials who offered their services during Simhastha, which was organised at Ujjain in April-May, 2016.

Finance minister informed that the state cabinet also approved the proposals to strengthen power transmission and distribution network in state.

"A project of Power Transmission Company costing Rs 354.70-crore was sanctioned. Similarly, other proposals of three power companies worth Rs 880.28 crore for strengthening the power distribution network were also approved," he added.