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| Apr 03, 2005 2:25 pm |
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re: [VAT] - Tamil Nadu must |
SOEB FATEHI
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read what The Hindu says - - -
IndiaInc hails VAT implementation, urges all States to join
New Delhi, April. 1 (PTI): Terming implementation of Value Added Tax by 20 States as a historic development, the Indian corporate sector today asked the Government to abolish the Central Sales Tax to make India a common market and achieve economy of scale in production.
Apex industry chambers FICCI, and ASSOCHAM urged the States who have not joined the new tax system, to move over to VAT as it was 'trader-friendly and would generate higher revenue'.
"Introduction of VAT is a historic step that will totally revolutionise the tax system in the country and integrate domestic trade in a single national market, prevent evasion and boost the Government's revenue kitty," FICCI President Onkar S Kanwar, said in a statement.
States that have not implemented VAT would see the advantages arising out of higher revenues in the VAT regime, mainly because multiple point taxation would capture profits of distribution, Kanwar said.
Echoing similar sentiment, ASSOCHAM President M K Sanghi, said that resisting VAT in a few States would have serious implications as it has already been deferred five times.
FICCI suggested introducing VAT first and taking account of ground realities in ironing out practical problems.
Jai Hind!Private Reply to SOEB FATEHI (new win) |
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