Delhi govt to review amendments to VAT Act
Delhi Government will carry out a review of certain newly introduced provisions in the existing VAT mechanism which were made to facilitate online filing of tax returns and declare volume of trade.delhi Updated: Jun 16, 2010 00:16 IST
Delhi Government will carry out a review of certain newly introduced provisions in the existing VAT mechanism which were made to facilitate online filing of tax returns and declare volume of trade.
Finance Minister A K Walia said the review will be initiated as various traders' bodies have requested the government to reconsider some amendments made in the Delhi Value Added Tax Act facilitating online filing of tax returns and details of trade volume and simplify the procedure.
The Finance Minister said the government would like to reconsider those particular amendments to the Act which are creating obstacles in proper enforcement of the VAT Act.
He added that the city government has always been in favour of simplification of procedures and transparency in tax collection.
The government had framed certain rules under the VAT Act, 2004 and notified them on April 1 this year to facilitate online filing of trade volume and tax returns.
"Since, the trade associations have expressed their inability to adopt the amended procedure, it has, therefore, become appropriate to reconsider certain amendments," Walia said.
He said after suitable modifications, the amendment will be placed before the Delhi assembly.
Walia added that the city government was also preparing for rolling out Goods and Services Tax and hence will anyway carry out a comprehensive review of the VAT system.