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K.R. Srivats

New Delhi , Oct. 9

A SECTION of corporate India has approached the Uttaranchal Government for keeping the penal provisions in their Value Added Tax (VAT) legislation in abeyance for one year. Uttaranchal had implemented the State-level VAT regime from October 1 through the ordinance route.

"All penal provisions should be kept in abeyance for one year. As this is a new legislation, it will take some time for assessees to understand the provisions of the legislation. Keeping the provisions in abeyance will improve the compliance," the PHD Chamber of Commerce said in its submission to the Uttaranchal Government on its VAT Ordinance 2005.

The chamber has also said that the VAT rates should be in alignment with the decisions taken by the Empowered Committee of State Finance Ministers on VAT. It has claimed that most of the industrial inputs have been kept under 12.5 per cent schedule, which is contrary to the decision of the VAT panel. "This list needs to be re-visited and industrial inputs should be under 4 per cent schedule," the chamber has said.

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