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Shri EVKS Elangovan, Minister of State for Commerce and Industry said that the new Value Added Tax (VAT) system of taxation would provide a simplified system of taxation for exporters. Exporters will be eligible for input credit on all purchases and it will result in better pricing and enhanced competitiveness for Indian exporters in the global market place. He was speaking at the Tally Mela, organized by the Tally Solutions and the New Indian Express Group here today.
Terming the implementation of VAT as an important reform in indirect taxation, the Minister said that introduction of VAT would transform the way business was done in India and would give Indian business the much needed cutting edge in the global market. He said that VAT would herald uniform tax rates across the country, simplify procedures, eliminate the cascading effects of taxation and thereby lower the prices, reduce total tax outlay and improve cash flows of companies.
Complimenting the efforts of companies like Tally Solutions and the New Indian Express Group for spreading awareness about the advantages of the VAT system, Shri Elangovan urged the business community to adapt to newer methods to increase efficiency and welcome the implementation of VAT as that would benefit the people at large.
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