Financial Daily from THE HINDU group of publications
Saturday, May 13, 2006
Financial Daily from THE HINDU group of publications Saturday, May 13, 2006 |
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Industry & Economy
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Taxation States - Other States Call to remove anomalies in Rajasthan VAT law Our Bureau
New Delhi , May 12 The PHD Chamber of Commerce and Industry (PHDCCI) has highlighted the presence of few anomalies in the value-added tax (VAT) legislation enacted by the Rajasthan Government. In a statement issued here on Friday, the PHDCCI Secretary-General, Mr Bibek Debroy, has said that such anomalies need to be streamlined for the smooth implementation of the VAT legislation and to improve voluntary compliance. The chamber has pointed out that the VAT legislation does not provide for giving trade discounts outside the invoices (after the invoices are issued). The legislation expects all discounts to be mentioned on the face of the invoice itself. "There can be instances in trade where bulk discounts are given at the end of the year through credit notes. It would not be possible to route the discounts only through invoices. Such provisions does not exist in the VAT legislation of other States and need to be reconsidered," sources said. Mr Debroy also said that the VAT legislation proposes to tax certain classes of goods by weight, volume and or measurement.
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