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Chambers urge States to switch to VAT

Our Bureau

New Delhi , April 1

INDIA Inc on Friday welcomed the migration of majority of the States to a value added tax (VAT) regime, terming such a move as a historic step.

In a statement, the President of the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr Onkar S. Kanwar, said that the VAT regime would revolutionise the tax system, prevent evasion and boost the Government's revenue kitty. He expressed hope that States that have not implemented VAT from today would see the advantages arising out of higher revenues in the VAT regime.

Welcoming the switchover to VAT regime by majority of the States, the President of the Associated Chambers of Commerce and Industry of India (Assocham), Mr Mahendra K. Sanghi, urged States that have not yet announced its implementation to accept it without any further delay.

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