Arunachal ACCI advocates VAT for stress-free trading

Itanagar, Aug 18 (UNI) In its continued effort to make traders aware on the pros and cons of Value Added Tax (VAT), the Arunachal Chambers of Commerce and Industries (ACCI) has urged all the trading community of the state to go for VAT registration in order to avoid any complicacy at any time while trading. The ACCI in this regard organised an awareness campaign on VAT cum Trade Index Number (TIN) registration in Lower Subansiri district yesterday, where all the members deliberate on the importance of VAT and its necessity in a state like Arunachal. ACCI president Lala Techi while highlighting some of the salient features of the VAT informed the gathering that though the central government had decided to impose uniform floor rate of VAT throughout the country, however, the rate was much higher in certain items in Arunachal Pradesh. Stating that tax was essential for development of the state, the ACCI chief urged the traders to pay tax for their own welfare. Chief Advisor of ACCI B K Ghosh Dostidar stressed on the need for streamlining taxation in the state and said that ACCI and the state government should work in tandem for the economic development of the state.

VAT is a self-assessment and traders are to submit the accounts regularly to the department after depositing the VAT amount through bank or treasury. However, any doubtful accounts submitted, the government may re-check it for further assessment, he added. ACCI general secretary Tarak Nachung also gave a brief outline on the role and activities of the chamber in the development of Arunachal Pradesh. Speaking on the occasion local MLA Nani Ribia exhorted the traders to be acquainted with VAT and other taxes. He said VAT was a new concept in Arunachal and it would take time for the traders and businessmen to realise its importance. Discussion on system of trading license, discussion on law and order problem of the district and telecommunication problems were some of the important topics raised in the workshop.

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