VAT seen have boosted indirect tax revenue

Our Bureau | | Updated on: Jul 11, 2011

The State Minister for Excise and Ports, Mr K. Babu, has said the indirect tax revenue has increased substantially after the introduction of VAT and the State is now gearing up to introduce the GST and chartered accountants have significant role in its implementation.

He said that the Union Finance Minister has instructed all State Governments to convert to the double entry system in accounting within a short span of time. Audit of accounts in Central Excise shall be definitely considered, with the Excise Department being a good revenue generating department for the government, he added.

He was inaugurating the All Kerala Chartered Accountants Tax Conference here organised by All Kerala Branches of The Institute of Chartered Accountants of India(ICAI) and hosted by the Ernakulam Branch of ICAI.

The Chairman of Ernakulam Branch of ICAI, Mr Saji Mathew, presided over the function. At the inaugural session, Mr Babu Abraham Kallivayalil, former Chairman, SIRC, Chennai, and Mr V.X. Jose, Member SIRC, spoke. Ms Minu Mathew, Secretary, Ernakulam branch proposed vote of thanks.

The conference included a session on Income Appellate Tribunal panel discussions and Mock Tribunal in which several plenary keynote addresses on the matters relating to Tax Appellate Tribunal, appeals and stay petitions were made.

More than 1,000 delegates from all over Kerala attended the seminar.

Published on July 11, 2011
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