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Our Bureau

Hyderabad , April 1

THE Confederation of Indian Industry (AP), Federation of AP Chambers of Commerce and Industry (FAPCCI) and Federation of Indian Chambers of Commerce and Industry (FICCI-AP)have welcomed the new tax system that came into force on Friday.

Terming it a historic step, Mr C. Parthasarathy, Chairman of FICCI-AP, said Value Added Tax (VAT) would improve the competitiveness of industry and trade in Andhra Pradesh. "It will integrate domestic trade in a single market, prevent evasion and boost Government revenues," he said here in a press release.

He said those States that did not join the VAT system would soon recognise the advantages and join the system.

Mr O.P. Goenka, President of FAPCCI, said VAT would enable States to widen the tax base, reduce the tax burden over a period of time and to improve competitiveness of the industry in the global market. He, however, wanted the Government to declare a moratorium of two years for slapping penalties.

Welcoming VAT, Mr Ramesh Datla, Chairman of CII (AP), said it would take some time for the new system to settle.

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