The Hindu : Andhra Pradesh News : CAs vital for VAT success: Rosaiah

Online edition of India's National Newspaper
Sunday, May 15, 2005

Andhra Pradesh

Andhra Pradesh

CAs vital for VAT success: Rosaiah

Special Correspondent

``Without chartered accountants it is not possible to reach out to the large number of assessees."

HYDERABAD: The Finance Minister, K. Rosaiah, has said the Government sees a major role for chartered accountants in the implementation of Value Added Tax (VAT).

He was addressing delegates at a seminar on `Emerging professional opportunities in the WTO regime,' organised by the Institute of Chartered Accountants of India (ICAI) here on Saturday.

Mr. Rosaiah observed: " Without the help of chartered accountants, we will not be able to reach to the very large number of dealers and assesses, and neither will we be able to make them aware of VAT. If that does not happen, then VAT cannot be successfully implemented."

The ICAI's relationship with all major regulators as well as the Government of India, he felt, was one of the major strengths that allowed the necessary degree of financial discipline and rigour, which proved instrumental in saving the country from disasters like Enron and the East Asian crisis.

C. Ramachandraiah, MP, said Indian professionals could look forward to better and more lucrative offers in developed countries as restrictions on movement of people get dismantled, with a new globally administered multilateral trading apparatus under the World Trade Organisation.

Reforms and WTO, he felt, gave rise to a paradoxical situation that needed to be addressed by planners.

He pointed out that though we were `food sufficient' at the macro-level, a major chunk of the population was undernourished. Foreign exchange reserves were very high but most of it was `hot money,'' he said.

Vinod K. Dhall, member, administration, Competition Commission of India, Mohan Kanda, Chief Secretary, and S. Gopalakrishna, Chairman of WTO committee of ICAI, spoke.

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