Industry & Economy
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Taxation
VAT may be put in place from April 9
Our Bureau
KOLKATA, April 2
MR C.M. BACHHAWAT, West Bengal Commissioner of Commercial Taxes, indicated here today that the value-added tax (VAT) could be implemented uniformly throughout the country from April 9.
Interacting with members of the Bengal National Chamber of Commerce & Industry, Mr Bachhawat said that process was on to establish VAT regime in all 28 States from that day.
The empowered committee of the State Finance Ministers, chaired by Mr Ashim Dasgupta, West Bengal Finance Minister, will meet on April 8 and strive to thrash out differences of approaches on the issue of implementation of VAT.
He said West Bengal, which has passed a new legislation in this regard, was ready with forms and draft rules.
"Once the Presidential assent is received on the VAT legislation, we will be able to implement it in the State," he observed.
He further said that an 11-digit new numeric code denoting registration number for the existing registered dealers has been assigned. The audit rules have also been compiled.
The State has also geared up its machinery to register existing unregistered dealers within a very short period of time.
The State has 1.20 lakh dealers, who would be in the VAT ambit.
"We have made procedural aspects as simple as possible; for the unregistered dealers we have prescribed submission of a few documents such as a copy of income tax return, which will be sufficient for registration," he explained.
He also assured that only an arithmetic scrutiny of returns would be made.
The returns would have to be submitted quarterly but payment has to be made monthly, he added.
He sought suggestions from industry and trade associations on the components of the proposed VAT regime.
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