Industry & Economy
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Taxation
`VAT will help in revenue growth'
Our Bureau
Thiruvananthapuram
,
March 11
THE Value-Added Tax (VAT) system, to be implemented from April 1 this year, is a simple and transparent tax, said Mr V. Somasundaran, Commissioner-Commercial Taxes, Government of Kerala.
Speaking at an interactive session on `implementation and working of VAT' organised by the Confederation of Indian Industry (CII) in the city today, he pointed out that all countries that have accepted VAT have registered a growth in revenue, ranging from 1.5 per cent to 3 per cent of GDP.
In his presentation on "Features of Kerala VAT", Mr Somasundaran stated that the tax would help the State's industries become more competitive. The Kerala Commercial Taxes Department will be conducting a special drive from April to June this year to get dealers to re-register themselves under the VAT regime, he said.
However, dealers in the State can continue to use the existing Kerala General Sales Tax Act registration numbers till the end of June, he added.
Officials of the commercial taxes department will conduct VAT audits on the premises of dealers, but these audits are intended to educate dealers and are not inspections, Mr Somasundaran emphasised.
Dealers will receive advance notice of these audits, he added. The Web site of the Commercial Taxes Department, www.keralataxes.org, will soon have the revised rules and forms related to VAT, he said.
Mr A. Gopalakrishnan, co-convenor, Economic Affairs Panel, CII Kerala made a presentation on the Kerala Value-Added Tax Act 2003 and the Kerala Value-Added Tax Rules 2005, while Mr T.G. Ramakrishnan, Manager-Indirect Taxation, Hindustan Lever Ltd spoke on the perspectives of industry.
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