Industry & Economy
-
Taxation
CII urges TN to implement VAT early
Our Bureau
Chennai
,
Sept. 30
THE Confederation of Indian Industry (CII), Tamil Nadu, has urged the Tamil Nadu Government to implement value-added tax (VAT) in the State at the earliest.
In a statement, the CII said that in view of the recent reports of BJP-ruled States considering implementing VAT in the next few months, it is imperative for Tamil Nadu to work towards its implementation.
The increase in tax revenues to the extent of 15 per cent during the first quarter of this year in States that have implemented VAT indicates the competitive advantage of these States over those that have not implemented the tax.
Some of the States likely to move towards the VAT regime by the year-end include Gujarat, Rajasthan, Madhya Pradesh, Chhattisgarh and Jharkhand, the CII said.
The CII will support the State Government's effort to implement VAT, which will enhance productivity and employment.
VAT implementation will improve tax compliance and also help increase revenue growth for the State Government.
With industrial resurgence and a buoyant economic growth, the time is right for the introduction of VAT in Tamil Nadu.
Any further delay will have a negative impact on trade and investment and subsequently new employment creation, the CII statement said.
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
