Wants timeline specified for revision of returns

Bangalore Chamber of Industry and Commerce (BCIC) has requested Karnataka Chief Minister Siddaramaiah for timeline for revision of monthly or quarterly returns under the Karnataka VAT Act.

Participating at a pre-budget meeting on State Budget for 2014-15 called by the Chief Minister, BCIC requested that listing and classification of goods be properly examined and appropriate clarifications be issued.

AN Chandramouli, Senior Vice-President, BCIC, said “while the performance of the industries in the state as a whole is showing a positive trend nevertheless the State Government should provide on a priority basis the necessary industrial infrastructure. This would not only help in achieving industrial growth and thus higher tax revenue for the exchequer but also prevent the flight of industries to neighbouring States such as Tamil Nadu and Andhra Pradesh.”

He further underlined the need to initialise the process of harmonising and bringing uniformity of laws across the country so that it can be a pioneer State towards rationalising tax systems.

Software sector

PV Srinivasan, Chairman, Indirect and State Taxes Expert Committee, said the software sector is faced with multiple litigations under the Karnataka VAT laws.

He urged the State Government to establish a forum to enable the dealers to present their concerns and arrive at a consensus. This will go a long way in reducing the number of litigations in the State. Srinivasan further drew the attention of the Government that the timelines for revision of monthly or quarterly returns under the Karnataka VAT Act should be made co-terminus with the due date for filing of audit report in Form rom VAT 240.

(This article was published on February 3, 2014)
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