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Our Bureau

New Delhi , Feb. 22

THE Associated Chambers of Commerce and Industry of India (Assocham) on Tuesday sought to allay the trading community's fears that the implementation of value-added tax (VAT) would complicate the present State tax regime.

In a statement, the Assocham President, Mr Mahendra K. Sanghi, said VAT would facilitate easier movement of goods across the country with a uniform taxation system in place and substantially curtail the number of papers that are currently filed by trading communities while their goods are crossing the borders.

Mr Sanghi appealed to the trading community not to oppose VAT, as the new tax structure that arises out of its implementation will serve their business interest in the most effective and simple manner. In fact, consumers will be benefited by about 3 to 5 per cent. The growth in government revenues out of VAT implementation may exceed even Rs 75,000 crore a year, said Mr Sanghi.

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