Taxation experts demystify VAT
Taxation experts demystify VAT
VAT is a must to make Indian industry and trade competitive both at the domestic and global level, said experts from UT Chandigarh’s Taxation Department and the PHD Chamber of Commerce and Industry (PHDCCI) at a workshop on Chandigarh VAT held on Tuesday.
UT Deputy Commissioner and Commissioner of Excise and Taxation, R.K. Rao, said the objective of VAT is to simplify the tax system on global lines and to save the tax payees from the existing pattern of tax, which is not only cumbersome and complicated, but also open to legal lacunae.
The workshop, a part of PHDCCI’s ongoing campaign towards VAT awareness and organised jointly by the UT Administration and PHDCCI at Punjab Bhavan, was inaugurated by Rao.
In a critical analysis of VAT, noted tax consultant and advocate Balbir Singh said the new tax regime is a modified phase of MODVAT and CENVAT and that VAT would help simplify the indirect tax system, reduce tax evasion, bring transparency and enhance tax neutrality, which are the reasons for the growing popularity of this multi-point sales tax.
More: cities.expressindia.com