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%.
