The Hindu : National : Industry confident that VAT will be introduced in April

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Monday, Feb 07, 2005

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Industry confident that VAT will be introduced in April

By Our Special Correspondent

NEW DELHI, FEB. 6. A majority of the Industry is confident that the State level value added tax (VAT) would be introduced in April.

In the Chief Executive Officers' snap poll conducted among the National Council Members of the Confederation of Indian Industry, 87 per cent said that following the release of the White Paper on VAT by the Empowered Committee on VAT on 17th January 2005, the introduction of State level VAT would be as per schedule.

On the abolition of Central Sales Tax (CST), 40 per cent expected the CST to be phased out by 2007, while 35.6 per cent expected it to happen by 2008.

The Securities and Exchange Board of India had recently tightened the norms for creeping acquisitions, as per which promoters would not be allowed to increase their stake in a company beyond 55 per cent, without making an open offer. Earlier, the SEBI permitted creeping acquisitions up to 75 per cent. Sixty-six per cent of the respondents felt that this tightening would not help to enforce better corporate governance.

With the Union Budget in sight, the CEOs were asked about their expectations about the exemption limit on individual income tax. Eighty-four per cent felt that the exemption limit should be raised to Rs. 1 lakh.

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