Vat helps in removing the cascading effect of taxes:CII

Ranchi, Mar 18 (UNI) Cordination of Indian Industry(CII) Jharkhand Council was of the view that introduction of Value Added Tax(VAT) would help in removing the cascading effect of taxes and provide a competitive edge to the Indian goods for competing in global markets.

The newly elected CII Jharkhand chairman opined that imposition of tax on sales tax act, rules and rates, reforms in indirect taxes have been an integral part of the liberalisation process.

CII organiseda VAT related seminar today.

"Reforms in customs and excise at central level were smooth and brought in mainly through annual budget presentations in the parliament. Changeover from sales tax to VAT was a switchover to another tax regime and needed to be discussed widely," he said.

Speaking on the occasion State Deputy Commissioner Commercial Taxes Suresh Seraphin said VAT has been implemented in various states in the country with the objective of stabilising the economy and also integrating India into the world economy.

He also said that VAT was a self operative integrative system and while enacting the VAT provisions, every effort has been made to make the Jharkhand VAL laws simple and transparent.

Mr Bhanu Prakash Agarwal, eminent VAT expert from Kolkata gave a comparative view on VAT with reference to its implementation in West Bengal.

Mr Nirmalya Kumar, head sales and EPA Tata Steel, Mr P K Ray, AGM finance Tata motors and Mr R S Dugal, Md JMT Auto Ltd. gave their views on industry perspectives on VAT with reference to process industries, engineering industry and others.

UNI SCS BA/src1842