Bicycles costing less than Rs 3500 in UP will get exemption of VAT: Akhilesh

Uttar Pradesh Chief Minister Akhilesh Yadav on Monday announced exemption of VAT for bicycles costing less than Rs 3,500, Says aPTI report.

UP CM Akhilesh Yadav said bicycles in the state costing less than Rs 3500 will be exempted from VAT. UP CM Akhilesh Yadav said bicycles in the state costing less than Rs 3500 will be exempted from VAT.

"A large number of population in the state uses bicycles as their mode of conveyance specially farmers, labourers, students and the poor people and is used in both urban and rural areas ", a press release quoting the Chief Minister said in Lucknow.

"It is most necessary to give impetus to the economic growth of poor and weaker sections of society", he said while deciding to remove VAT on bicycles costing less than Rs 3,500.

Therefore, keeping in view the welfare of these sections, the state government has decided to lower the cost of bicycles", he said.

The Chief Minister said bicycle is also a mode of travel which is pollution free and helps in fitness.

Image courtesy: http://www.corbisimages.com/