Financial Daily from THE HINDU group of publications
Friday, May 06, 2005
Financial Daily from THE HINDU group of publications Friday, May 06, 2005 |
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Industry & Economy
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Taxation Delhi Govt `apathy' to trade fears over VAT decried Our Bureau
New Delhi , May 5 THE All-India Tax Advocates Forum on Thursday decried the Delhi Government's refusal to respond to the genuine fears of city traders over the operational glitches in the implementation of the value-added tax (VAT). In a statement issued here, the forum's President, Mr M.K. Gandhi, said that as against the provisions in the Delhi Sales Tax Act, penalties and prosecutions were to commence simultaneously under the new VAT regime. Similarly, traders with a turnover of Rs 5 crore and above were expected to file their returns on a monthly basis and correlate the same with their annual returns and audit reports. As against annual tax assessment returns prevalent in other States, Delhi traders have been slapped with monthly returns, leading to unnecessary paper work and complying with cumbersome procedures. This, he said, would lead to added woes of corruption on a higher gear at the field level. The forum said that the traders with a turnover of less than Rs 5 crore were expected to file at least four assessment returns even as the VAT law had dispensed with the trader-savvy safety nets against the arbitrary directions of the sales tax authorities. It is pointed out that under the VAT regime, very meagre time had been given to traders to claim concessions and exemption in several cases of inter-State trade. He expressed dissatisfaction over the curtailment of this time period from 12 months to nine months flat.
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