Tamil Nadu - Tiruchi   

"VAT will stabilise economic growth"

Staff Reporter

It will benefit traders and consumers: Deputy Commissioner

POSITIVE POINTS: E. Rathinasamy, left, Deputy Commissioner of Commercial Taxes, explaining the VAT at a session organised by CII Tiruchi Zone on Thursday. S. Ananthakrishnan, centre Chairman, CII, Tiruchi, and P.R. Sudhakar, right, Brakes India limit ed, Chennai look on. — Photo: R.M. Rajarathinam

TIRUCHI: The Value Added Tax (VAT) will benefit both the traders and the consumers and will also contribute to stabilisation of economic growth in the State, the Deputy Commissioner of Commercial Taxes, E. Rathanaswamy, said.

Addressing the office-bearers and members of the Tiruchi Zone of the Confederation of Indian Industry at a session on `Value added tax (VAT) in Tamil Nadu' here on Thursday, he said the success of the VAT had been tested in a majority of the states across the country.

Although the state governments incurred some loss during the initial period, their economy had stabilised over a period of time, since all the traders started remitting the tax, enhancing the revenue to the government.

Conceding that, during the pre-VAT period, the traders were `tortured' by the tax-collection mechanism, Mr. Rathinaswamy said that the VAT would be a crystal-clear and codified scheme, facilitating the traders, manufacturers and exporters to have a self-assessment of the quantum of tax they were liable to pay.

He said that the Tiruchi division had conducted as many as 50 sessions on VAT, explaining its provisions to different dealers.

The Chairman, Interactive Sessions, CII, Tiruchi zone, S. Ananthakrishnan and the General Manager, Indirect Taxes, Brakes India Limited, Chennai, P. R. Sudhakar, were among those who spoke.

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