ASSOCHAM seeks rollback of VAT hike on cigarettes
GK NEWS NETWORK
Srinagar, Apr 1: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has urged the J&K government to eliminate “wide divergence” in state VAT rates on cigarettes.
J&K recently hiked VAT on cigarettes to 25 per cent from 12.5 per cent.
The chamber in a statement said: “The hike announced has come against the recommendations of Empowered Committee of all State Finance Ministers in January 2005 to maintain a general VAT rate of 12.5 per cent on cigarettes, common for all the states.”
“This trend of divergence in VAT rates will lead to large-scale smuggling, evasion of taxes and other criminal activities,” said ASSOCHAM, National Secretary General, D.S. Rawat in a letter to Chief Minister, Omar Abdullah.
“ASSOCHAM believes that a uniform VAT rate on cigarettes would encourage legitimate sales of cigarettes thereby increasing revenue of the state government,” it said, adding that it would also be consistent with principles of VAT and proposed GST regime.
Lastupdate on : Fri, 1 Apr 2011 21:30:00 Makkah time
Lastupdate on : Fri, 1 Apr 2011 18:30:00 GMT
Lastupdate on : Sat, 2 Apr 2011 00:00:00 IST
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