Would the VAT implemented in India be in line with globally accepted tax system?
VAT implemented in India essentially replaces, sales tax while other taxes like octroi, excise duties, etc remain as they are. In foreign countries, all the taxes are unified under VAT. In India VAT is restricted to goods, whereas in foreign countries, it is applicable for both goods and services. In future, Indian too can adopt similar steps to make the VAT structure more effective. Do you think there should be more amendments to VAT? The government must ensure that by mid-February, all states should have the VAT implementation details in place and the same be put up in their respective websites. The opinions and views of traders, business houses and the public must be sought. This will ensure that there is no ambiguity and a rational formulation method can be adopted. Retails traders are against VAT. Do you think their means are legitimate? Retailers are against VAT because till now they could evade tax as there were loopholes in the system. In the new system, there is no way they ca
