CHENNAI: Unhappy over the implementation of the Composite Single Document System coupled with the imposition of impractical valuation rates, CREDAI has declined to participate in the pre-budget 2024-25 meeting at Secretariat on Friday.

In a letter to the State government, R Ilankovan, president, CREDAI Tamil Nadu said the decision is a direct result of CREDAI’s continuing apprehensions regarding the implementation challenges associated with the Composite (Land plus Building) Single Document System, coupled with the imposition of impractical valuation rates.

“The prolonged existence of these issues significantly hampers our capacity to actively contribute to constructive discussions. Unfortunately, despite our sincere efforts to raise these concerns with key authorities of the Commercial Taxes and Registration Department, our attempts did not result in any visible changes. Our earnest pleas were not heard, and this has had a negative impact on the entire industry,” he said. He said that even efforts to schedule a meeting with the Finance Secretary have been unsuccessful.

“Given the unresolved nature of these critical issues, we believe our participation in the pre-budget meeting would be unproductive at this stage. CREDAI remains committed to dialogue and believes meaningful conversations can only occur once these core concerns are addressed,” he wrote.