TN urged to introduce VAT soon
The Tamil Nadu Chamber of Commerce and Industry has urged the State Government to introduce value added tax (VAT) ‘‘without any further delay’’ following in the BJP-ruled states’ footsteps.
Reports confirmed increased tax revenue of up to 30 percent in most of the 21 states, which switched over to VAT in April. This buoyancy in revenue had prompted the announcement that within two months, VAT would be implemented in all the five BJP-ruled states, said chamber president S Rethinavelu in a statement.
Pointing out that trade bodies in some states, which had opposed VAT, had now ‘‘fully grasped’’ its comparative beneficial aspect, Rethinavelu said, ‘‘It is pertinent to note that even leading trade and industrial associations have also been insisting on immediate implementation of VAT in the state. Now, there cannot be any reservation about VAT implementation from any quarters in Tamil Nadu.’’
He said non-implementation of VAT had ‘‘severely affected’’ trade in the state, and this had made it difficult to compete with VAT-implemented states, as the prices of their products were comparatively higher by about six percent.
Source: newindpress.com