Industry & Economy
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Taxation
Business community prepared to accept VAT: Assocham
Our Bureau
New Delhi
,
March 31
THE Association of Chambers of Commerce and Industry of India (Assocham) on Thursday said business communities in Maharashtra, West Bengal and the southern States were adequately prepared for the value-added tax (VAT) regime beginning April 1.
"Despite countrywide resistance against the execution of VAT by trading community, the business communities all over the country are fully amenable to accept VAT's implementation as corporates have discovered that VAT will prove to be the most radical tax reform the UPA Government has put in place," Assocham said in a press statement. "Business communities of Maharashtra and Bengal are welcoming the implementation of VAT. The state machinery has put in place all necessary VAT laws and its related procedures in place which are user friendly," the statement said quoting Assocham President, Mr M.K. Sanghi.
The Bombay Chamber of Commerce and the Indian Merchant's Chamber have also found VAT advantageous through their intensive interaction with local bodies, Mr Sanghi said, adding, however, that trading communities in the States were resisting it for a variety of reasons.
Business communities in West Bengal, Karnataka, Andhra Pradesh and Kerala were also equally welcoming of VAT and prepared for its implementation, it added.
Assocham said as per feedback from the PHDCCI, it was the trading community in the North that was opposing VAT while the business community had no grudge against it.
Mr Sanghi, however, asked the Finance Minister to address traders' concerns so that VAT's implementation is not delayed inordinately.
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