Financial Daily from THE HINDU group of publications
Monday, Jun 21, 2004
Financial Daily from THE HINDU group of publications Monday, Jun 21, 2004 |
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Industry & Economy
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Taxation FIEO seeks exemptions in VAT regime Our Bureau
New Delhi , June 20 WHILE welcoming the Government's move to introduce a value-added tax (VAT) regime, the Federation of Indian Export Organisations (FIEO) has sought exemptions for those merchants and manufacturers who are primarily exporters. The Confederation of All India Traders (CAIT), meanwhile, called for the formation of a joint committee of traders, officials and Members of Parliament in order to work out the finer details of VAT. CAIT also expressed its "anguish" on the Government deadline of introducing VAT by the next fiscal. The FIEO President, Mr Rafeeque Ahmed, said in a statement that the state levies hitherto had remained unpaid under various duty neutralisation schemes as such schemes only factored customs and excise duties. Getting refund of the new tax for such categories would be time consuming, it pointed out. Moreover, exporters may not have funds to pay VAT and then wait for refund, which may make them uncompetitive, the FIEO President added. The VAT regime would help the exporting community to get re-imbursement of all duties paid on inputs, particularly the state levies. The CAIT National Committee will meet on July 13-14 to deliberate on the issue, said CAIT Secretary-General, Mr Praveen Khandelwal.
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