Consentia on Multidisciplinary Research

VALUE ADDED TAX SYSTEM IN INDIA- FEATURES AND LACUNAE

INTRODUCTION

Value added tax (VAT) is a type of indirect tax that is imposed on goods and services. Sometimes, when the government operates on a budget surplus or wants to increase its revenue in order to finance its budget deficit. A question that arises is whether value added tax has been a boon or misery for a developing country like India. Around 136 countries in Asia have recognized the importance of value added tax. In one of the most large scale reforms of the country’s public finances in over the past 50 years, India has finally agreed the launch of its much delayed value added tax from 1st April, 2005 at a rate of 12.5%. The tax rate is fixed by meeting of different state level Finance Minister, in New Delhi, designed to make accounting more transparent, to cut short trade barriers and boost tax revenues.

According to Chanakya, “A government should tax its people like a shepherd shears a flock or a bee gets nectar from a flower”.

The tax is levied not only on products but services that is the source of revenue for the government to plan for development activities in the country. Since, India is a developing country, the main source for revenue is generated through tax levied on the individual on the purchase of goods or services. The government imposes taxes and duty charges on the fellow people for fulfilling the infrastructural, technological, entrepreneurial demand of the country. It has been identified that rural people are charged more tax than urban people due to subsidized rate provided to them in food products, transportation, electricity, water etc. for these facilities they are charged indirectly from their source of income like agricultural and allied activities. The question that arises is: do value added taxes promote prosperity and well being for the common men? VAT is omnipresent in all goods and services provided to the consumer. The paper aims at presenting the importance of value added tax in the Indian society, its impact and the future prospect for product and service industry in India. The data collected is secondary based from the governmental publications and standard for chartered accountants. Heterogeneity prevailed in the structure of tax as well. Apart from general sales tax, most states used to levy an additional sales tax or a surcharge. In addition, the states levied luxury tax as also an entry tax on the sale of imported goods.[1]

All these practices of heterogeneity in structure as well as rates cause diversion of trade as well as shifting of manufacturing activity from one State to another. Further, widespread taxation of inputs relates to vertical integration of firms, i.e., the earlier system of taxes militated against ancillary industries and encourages them to produce more and more of the inputs needed rather than purchase them from ancillary industries.[2] The earlier system of commodity taxes is non-neutral. It interferes with the producers’ choice of inputs as well as with the consumers’ choice of consumption, thereby leading to severe economic distortions.[3]

Reasons for implementation of VAT in India.

The Union Government convened the Meeting of the Chief Ministers of the States on November 16, 1999. The Meeting was chaired by the Union Finance Minister. Following three decisions were taken in the Meeting towards reforms of State’ tax structure :-

  1. a) Introduction of uniform floor rates of sales tax for the States and Union Territories for ending the unhealthy “rate war”.
  2. b) Discontinuation of sales-tax based incentive schemes, and
  3. c) Introduction of VAT on the basis of progress relating to (a) and (b) above The Empowered Committee of the Finance Minister of the States namely West Bengal, Maharashtra, Gujarat, Punjab, Madhya Pradesh, Karnataka, Uttar Pradesh, Delhi and Meghalaya was constituted on 17.07.2000 to monitor the progress of implementation of the above decisions. The Finance Minister of West Bengal was made the Convener. On the basis of repeated interactions with the States, the Empowered Committee has been able to achieve more than 98% progress in the implementation of the decisions relating to (a) and (b) above. As a result of this progress, it has now been decided that VAT will be implemented in all the States from April 1, 2003 in place of State Sales Tax Acts. The proposed VAT structure has been evolved on the basis of a consensus among the States. The basic features of VAT will therefore be same throughout the country.[4]

LIABILITY TO PAY VAT UNDER THE VAT ACT

Liability to pay VAT[1] falls on the following:[2]

  1. Only the registered dealers and the dealers liable to be registered under the VAT Act are liable to pay VAT.
  2. The dealers liable to pay VAT are liable to be registered under the VAT Act.
  3. All the registered dealers and the dealers liable to be registered under the State Sales Tax Act are liable to pay VAT w.e.f. 1-4-2003.
  4. All the dealers not dealing exclusively in the exempted goods under the VAT Act which are neither registered nor liable to be registered under the State Sales Tax Act on or before 31-3-2003 but whose turnover has exceeded the taxable quantum (Threshhold Turnover) under the State Sales Tax Act on or before 31-3-2003 are liable to pay VAT w.e.f. 1-4-2003.
  5. A dealer not covered in clauses 3 and 4 above shall be liable to pay VAT, from the day following the day on which his gross turnover during a year first exceeds rupees five lacs or such amount as fixed by the State. Provided that a dealer dealing exclusively in the exempted goods shall not be liable for payment of VAT nor for registration.

Provided further that :-

 (a) a dealer who is liable to pay tax under the Central Sales Tax Act, 1956 on any day, shall be liable to pay VAT under the VAT Act from the same day or from 1-4-2003 whichever is later.

(b) a dealer who receives any goods for the business from outside the State as a result of purchase or otherwise, shall be liable to pay VAT from the day he receives such goods.

(c) a dealer who deals in liquor including beer or lottery tickets or such other goods as may be prescribed by the State, shall be liable to pay VAT from the day he commences his business in the State.

(d) a dealer who purchases any goods in the State, and dispatches the goods or the goods manufactured there from to outside the State for business, shall be liable to pay VAT, from the day he makes purchases of such goods.

(e) a dealer residing outside the State but carrying on business in the State, shall be liable to pay VAT from the day he commences his business in the State.

(f) every commission agent, broker, del credere agent, auctioneer or any other mercantile agent by whatever name called, who carries on business of buying, selling or distributing goods on behalf of his principal, shall be liable to pay VAT from the day he commences his business in the State.

(g) every casual trader shall be liable to pay VAT from the day he commences his business in the State.

(h) every cooperative society or club or any association carrying on business for and on behalf of its members, shall be liable to pay VAT from the date of commencement of the business in the State.

(i) a dealer in the form of department of any Government, or a local authority or a public authority or a body shall be liable to pay VAT from the date of commencement of the business in the State.

(j) a dealer who has an option to adopt a scheme for payment of lump sum in lieu of tax, shall be liable to pay VAT from the day he first makes purchase or sale of any goods in the State after coming into operation of such scheme, whether or not he exercises such option.

VAT Liability – independent of the assessment

Liability to pay tax is founded on the charging section of the VAT Act although VAT is quantified by the dealer himself while filing the return or the authority while making assessment in accordance with the machinery provided in the Act. The Liability to pay VAT arises the moment the transaction of sale or purchase is completed. The quantum of tax payable at any point of time within a year is definite and certain though quantified subsequently. The moment a dealer makes a taxable sale or purchase the obligation to pay tax arises and taxability is attracted. Although that liability cannot be enforced till the quantification is made, the liability of payment of VAT is independent of the assessment (quantification of tax) by the dealer himself or by the Competent Authority.[3]

BASIC FEATURES OF STATE VAT

VAT being a broad based tax levied at multiple stage is generally perceived as an explicit replacement of State sales tax for raising additional revenue for the Government. The purpose of a tax system is to bring in revenues to the Government. Tax revenues can be raised in many ways. However, the main characteristic of good tax system should be –

  1. The tax system should be fair or equitable;
  2. It should cause the least possible harmful effects to the economy and to the extent possible; it should promote growth to the economy.
  3. It should be simple both for its compliance by the payer and for its administration by the Government.
  4. It should be income elastic.

Keeping in view the above objectives, VAT is being implemented in various states in place of the local sales tax payable by the seller. VAT is also expected to be more effective and efficient for every person including Government, manufactures, traders and consumers  The following are those criteria that set apart VAT from other taxes levied by the Government.[4]

  1. NATURE It is a form of sales tax only and is charged at each stage of sales on the value added to the goods.
  2. TAX BASE FOR VAT
  3. a) Tax has to be paid by a registered dealer on the value addition of the goods when sold by him.
  4. b) VAT will be calculated by deducting Tax credit from Tax collected in the payment period.[5]
  5. EXEMPTED GOODS There will be a short list of exempted goods which will be common in all the States.
  6. COMMODITY COVERAGE
  7. a) Non-Applicability Of VAT: A few items like Petrol, Diesel, Aviation Turbine Fuel and Natural Gas will be taxed as per present arrangement of uniform floor rate.
  8. b) Goods Other Than Above All other goods including declared goods and A.E.D. items (Sugar, Tobacco, Textiles) will be subjected to VAT.

5) RATES OF TAX

  1. a) There will be only two basic rates of tax in the VAT system.
  2. b) Some essential commodities, declared goods, capital goods and basic inputs will be taxable @ 4%. The list of the goods taxable @ 4% which will be common for all the States.
  3. c) All the other commodities will have a uniform floor rate of 10% and the State may fix a revenue neutral rate (RNR) of 10% or above upto 12.5%.
  4. d) There will be composition of lump-sum in lieu of tax in respect of certain commodities such as lottery tickets and dealers such as works contractor.

 6) THERE WILL BE TWO EXCEPTIONS :

  1. a) Gold, Silver, precious and semi-precious stones will have a VAT rate of 1%.
  2. b) Liquor will have a higher VAT rate with a floor of 20%.

7) SPECIAL ADDITION TAX (SAT) :

  1. a) States may impose special additional tax (SAT) on a few commodities to keep the ‘RNR’ low.
  2. b) SAT will be levied only at the first point of sale.
  3. c) SAT will not be eligible for Tax credit.

8) TAX CREDIT: Credit will be given within the same period for entire tax paid within the State on purchase of goods both for intra-State and inter-State sales, irrespective of when those will be utilized/sold.[6]

9) METHOD OF SET-OFF : The credit which thus accumulates in any period will be utilized to deduct from the tax collected by the dealer in that period under

10) CARRYING OVER OF TAX CREDIT: If the tax credit exceeds the tax collected in a period on sale within the State, the excess credit will be carried over to the next period.

11) TAX CREDIT ON CAPITAL GOODS : Tax paid on capital goods will be eligible for tax credit, but the same may be adjusted over a maximum period of 36 months.

12) TREATMENT OF EXPORTS: For all exports made out of the country, tax paid within the State will be refunded in full.

13) STOCK TRANSFER OUT OF THE STATE: For stock transfer the input tax paid in excess of 4 % will be eligible for tax credit.

14) INPUT PROCURED FROM OTHER STATES: Tax paid on inputs procured from other States through stock transfer or inter-State sale will not be eligible for credit.

15) INCENTIVES UNDER THE OLD SCHEME:

  1. a) Units enjoying remission or deferment will have to pay tax on procurement of inputs and collect tax on sale of goods at usual VAT rates.
  2. b) Units enjoying remission will have their VAT liability deferred over a long period.
  3. c) VAT liability of the units enjoying deferment of tax will continue to be deferred.
  4. d) In both the cases the benefit will be continued for the unexpired period and for the unused portion of the monetary ceiling.

16) DECLARATION FORM: There will be no need for any provision for concessional sale under the VAT Act since the provision for set-off makes the input zero rated. So no declaration form will be needed.

17) REGISTRATION: Registration will be compulsory for dealers having turnover above a thresh old to be decided by each State. There will be a provision for voluntary registration. The registration number (Taxpayer Identification Number TIN) of each dealer will be a twelve (12) digit unique code for the whole country.

First two digits represent the State Code. Each State has to be assigned a particular Code number by the Central Government. Next two digits represents the District Code. Each District/Office Code in the State has to be assigned a particular code number by the State. Next six digits represent the Proper number of registration in the ascending order in the State. Each State shall maintain such numbers centrally. Last two digits represent the Check Digit Code. Check Digit Code is used so that the same Registration Certificate proper number is not allotted to two different registered dealers. The Check Digit Code numbers are calculated as under:-

  1. sum of the digits of the State Code, the digits of the District code & the digits of the proper number of the registration is worked out.
  2. the sum of (1) above is divided by 9, then the quotient will be the 1 st digit number of the Check Digit Code & the remainder will be the next number of the Check Digit Code.[7]
  3. PROCEDURE OF ASSESSMENT OF VAT LIABILITY:[8]
  4. a) VAT liability will be self-assessed by the dealer in terms of submission of returns upon setting off the tax credit himself. Return forms as well as other procedures will be simple and similar in all States.
  5. b) There will no longer be compulsory assessment at the end of each year as is existing now.
  6. AUDIT:
  7. a) Correctness of self assessment will be checked through a system of audit.
  8. b) A certain percentage of the dealers will be taken up for audit every year on a scientific basis.
  9. c) More complying dealers will be audited less frequently.
  10. d) All dealers are expected to be audited at least once in five years.
  11. e) If evasion is detected on audit, the dealer may be assessed for all the previous periods up to last five years.
  12. f) The audit wing will remain delinked from the tax collection and monitoring wing to remove any bias.
  13. g) There will be simultaneous restructuring and computerisation in the sales tax directorates.
  14. SMALL DEALERS: For small dealers and retailers there may be an option for a composition scheme where he pays tax as a small percentage of gross turnover.

Benefits of VAT[9]

In the VAT system tax is charged at each stage of sale on the value added to the goods. Followings are the main benefits of the VAT system :-

  1. VAT system mitigates cascading effect and economic distortions.
  2. There is a greater fairness and uniformity in this system.
  3. There is a better tax compliance being less chances of tax evasion.
  4. There is complete transparency of tax incidence in the sale of goods.
  5. VAT system is more simple than the present system of taxation as there would be no dispute regarding taxable stage of sale and classification of goods taxable at a particular rate of tax and there would be minimum requirement of declaration forms.[10]

REBATING, RETURNS & BILLING UNDER VAT

Liability of payment of VAT falls on the following

IN CASE OF MANUFACTURER :

(a) Input tax rebate is available only on the purchases made in the State and on the basis of ‘Tax invoice’ issued by the dealers selling goods to the manufacturers. Taxes or duties paid on other types of purchases namely: interstate purchases, interstate consignment receipt and International imports are not eligible for input tax rebate.

(b) Output tax is to be charged and collected on the sales made in the State. However, on the interstate sales taxes under CST Act could be collected separately or it could be included in the sale price also. In both these cases of sales, input tax rebate is available only on the purchases made in the State.[11] On consignment transfer both in the State and interstate there is no levy of VAT or CST as there is no transaction of sale in either of them. In case of export of the goods (both direct and indirect) the output tax is zero and input tax rebate is available only on the purchases made in the State.

 (c) In the monthly return prescribed under VAT Rules namely Form VAT 100, the above types of purchases and sales are itemized. The dealer has to extract the details from the books of account and fill the return form.

(d) The input tax rebate is taken while filing the VAT monthly return by reducing the output tax. For example: For a given month the input tax paid by a dealer is say Rs.10,000/- and the output tax payable is say Rs.20,000/-, then net-tax payable would be Rs.10,000/- (20,000 – 10,000). Please note that in the tax invoice, VAT is charged and collected on the entire output value. And in the bill of sale issued under interstate sales, CST could be collected separately or it could be included in the sale price also. In case of direct and indirect exports no taxes are collected but the VAT paid on the locally purchased inputs is fully rebatable.[12]

IN CASE OF DISTRIBUTOR :

In case of distributors / wholesaler the conditions noted in para 1(a), (b), (c) &(d) above applies with the following modifications: Under para 1(b) the ”For interstate consignment of goods distributors / wholesaler would be entitled for input rebate paid in excess of 2% on the local purchase.”

IN CASE OF RETAILERS :

 In case of retailers the conditions noted in para 1(a), (b), (c) &(d) above applies with the following modifications: Further the retailers within the turnover limit between 2-15 lakhs could opt for composition tax of 1% on their sales. The condition prescribed to remain under composition scheme is apart from turnover limit, such dealer must not effect any interstate purchases (except a dealer executing works contract with certain conditions), must not claim any input tax rebate and must not collect output tax.[13]

LACUNAE OF VAT SYSTEM

India being a Federal Republic country has state level administration of the local sales tax which is being replaced by VAT and had been the reason for deferment of its implementation time and again. Inherently there are certain limitations of VAT due to which it being opposed by some of the trade associations. Moreover VAT undoubtedly has many advantages but without taking note of the limitation of VAT, one is just looking only at one side of the coin. The limitations of VAT are discussed hereunder[14]. In this study it is found that there are number of problems to introduce Value Added Tax on commodities in different states in India, but in this paper only major problems have been taken which are facing by different states for imposing of VAT, as follows:

  • DETAILED RECORDS: Like any other system VAT is also not free from all evils. Though on record it is said to be the simplest method, however, it is more complicated than a simple first point tax. Many small dealers maintain only primitive accounts and it is very difficult for them to keep proper and detailed records required for VAT purposes.[15]
  • CAUSE INFLATION: It is also argued that VAT causes inflation. It’s impact will depend on various factors such as inventory holding period, demand supply position of that particular product, number of intermediaries etc. Investment in stock is bound to increase as tax will be paid at the time of purchase, hence one will have to carry tax paid stock. [16]
  • REFUND OF TAX: Credit of tax paid on inputs/capital goods is available to be utilized against tax liability which will be calculated on the sale of final product. VAT credit can not be availed if no tax is payable on final product being exempt or taxable at lower rate.
  • FUNCTIONAL PROBLEMS: The functional problem of VAT is that input tax credit is allowed on the basis of the invoices issued by the dealer. In respect of invoices where tax at the earlier stage is charged and collected, but not remitted to the State by the concerned dealer, the dealer who has paid the tax and who is entitle to take credit for the tax paid should not be made to suffer. Provisions to protect the interest of the dealers who have paid the tax should be made.[17]
  • INCREASE IN INVESTMENT: Dealer will be making purchases after paying tax, therefore investment in stock will go up the extent of tax paid. Under old system the dealer was making purchases against statutory forms, hence was not liable to pay tax on it’s purchases.
  • NOT CREDIT FOR TAX PAID ON INTER­STATE PURCHASES: The biggest problem of introduction of VAT is the non­availability of credit for tax paid on interstate purchases in initial years. It will also result in some cascading effect, which goes against the basic spirit of VAT.[18]
  • AUDIT UNDER VAT: Most of the states introduced VAT on 1.4.2005 and they have incorporated audit provisions in the Legislation itself. Audit under VAT is important for better and effective implementation of the VAT system.[19]
  • BILLING: The main problem of VAT is billing because billing is essential forv traders to get the rebate on inputs. Without billing it is difficult to get rebate on inputs .The billing of the commodities must be a separate entry of basic price and sales tax, so therefore traders gets the rebates but it is very difficult for the traders to pass the separate entry of basic price and sales tax.
  • LACK OF UNIFORMITY: In India there are number of state which had alreadyv implemented VAT, but some state are not agreed to impose VAT in their state. In this situation it is very difficult for inter- state transactions of the commodities, because those states, which are not implementing, VAT in their state they prefer to buy goods from those state that are not implementing VAT.[20]
  • CONCESSION FOR NEW INDUSTRY: Central Government announced concessionv for new Industries, which are to be established in rural areas. After establishment of industries in rural areas government does not given any concession for such an industries. Practically government does not make any provision for concession of such an industry. Government announced concession for new industries only in Air not in practically.
  • NUMBER OF TAXES IMPOSED BY THE GOVERNMENT: The main problem of Valuev Added Tax are other taxes which are imposed by the State Government due to economic problems of the state. Although traders are ready to pay VAT but they are having demand that government should remove other taxes i.e. Entry tax, Octori, Toll tax, Local body tax etc.[21]
  • LACK OF INFRASTRUCTURE FACILITIES: In VAT billing is essential for the tradersv but it is difficult to maintain the infrastructure, computers, etc. facilities for the same. In rural areas and even in urban areas do not have such sufficient infrastructure facilities because India is a developing country and have a scarcity of finance and technology etc.[22]
  • DEALING IN VARIETY OF GOODS: Most of the traders in India deals in variety ofv goods in their shops. Different commodity has different VAT rates. In that situation it is very difficult for a traders to maintain billing on VAT on their goods, for example a trader deals consumables items as well as durable items in their shop, a consumer purchase one item of both the Variety of both the items have separate rate of VAT in that situation it is very difficult in billing of VAT.[23]

CONCLUSION

The Value Added Tax makes an evasive attempt on Implementation level as well as execution level. The study revealed the requirement of transparency in VAT in all the states of India. It is found that equal channel of distribution of VAT is found among Wholesalers, Retailers and Consumers. The tax applicability and e-filing plays a vital role in the VAT system. It gives mutual benefits to the Consumers and Government. Service tax, sales tax and other taxes can be easily vivid due to its Implementation process. But the transparency is required at all the level in order to obtain effective functioning in the VAT system in all the states of India. The introduction of Uniform Product Classification across the country is required to exhibit the Implementation process with effective return. The adoption benefits of purchasers and sellers equally. The single window system and Abolition of CST are indispensable to obtain the cent percent success of VAT.

SUGGESTIONS

  1. Since the Consumers and Retailers are Unaware of certain Implementation process of Value added tax. It is suggested the government should come with transparent norms to enlighten the retailers and consumers.
  2. The study ascertained maximum benefit to the government through Value Added Tax system. So it is strongly recommended to have innovative slab system suitable for Wholesalers, Retailers and Consumers.
  3. Factor Analysis revealed the Implementation of Value Added Tax is predominant among the Retailers as well as Consumers. A separate system must be transisly implemented for the mutual benefit of purchasers and sellers.
  4. VAT features are highly competent to allot benefit to the government. So the channel of distribution and flow of VAT must be reformed.
  5. A transparent approach Rate of Tax, Refund Procedure, Maintaining and improving accounting procedure are the immediate need for an hour. 6. It is strongly recommended that the tax consultant and the government should periodically to monitor the procedure.

[1] As per Curricular No:1345/12/185, dated 14-6-2002.

[2] Article titled “Value added taxation controversy”— by Girish Ghandyal (accessed the article on the internet)  2003 Model VAT Bill introduced by the Finance Minister in India during his budget speech April, 2003

[3] Article titled “Value added taxation controversy”— by Girish Ghandyal (accessed the article on the internet)  2003 Model VAT Bill introduced by the Finance Minister in India during his budget speech April, 2003

[4] Arindam Das, Gupta, September.3, 2005, Will State VAT Deliver, Economic and Political Weekly, Vol.XL, No.36.

[5] http://gst.taxmann.com/caselaws-all-refinesearch.aspx, last viewed on March 4th, 2015.

[6] Article titled “Value added taxation controversy”— by Girish Ghandyal (accessed the article on the internet)  2003 Model VAT Bill introduced by the Finance Minister in India during his budget speech April, 2003

[7] Article titled “Value added taxation controversy”— by Girish Ghandyal (accessed the article on the internet)  2003 Model VAT Bill introduced by the Finance Minister in India during his budget speech April, 2003

[8] VAT Policy Issues: Structure, Regressivity, Inflation, and Exports.” In Alan A. Tait, 1991 edition; (accessed the article on the internet)

[9] http://www.salestaxindia.com/htms/glossary.htm, last viewed on March 4th, 2015.

[10] http://gst.taxmann.com/caselaws-all-refinesearch.aspx, last viewed on March 4th, 2015.

[11] Article titled “Value added taxation controversy”— by Girish Ghandyal (accessed the article on the internet)  2003 Model VAT Bill introduced by the Finance Minister in India during his budget speech April, 2003

[12] “Tax Policy in Developing Countries: What Can Be Learned from OCED Experience” Paper presented by Heady Christopher at the seminar on Taxing Perspectives: A Democratic Approach to Public Finance in Developing Countries,” at the Institute of Development Studies, University of Sussex on 28-29 October, 2002.(accessed the article on the internet)

[13] Article titled “Value added taxation controversy”— by Girish Ghandyal (accessed the article on the internet)  2003 Model VAT Bill introduced by the Finance Minister in India during his budget speech April, 2003

[14] “Tax Policy in Developing Countries: What Can Be Learned from OCED Experience” Paper presented by Heady Christopher at the seminar on Taxing Perspectives: A Democratic Approach to Public Finance in Developing Countries,” at the Institute of Development Studies, University of Sussex on 28-29 October, 2002.(accessed the article on the internet)

[15] http://www.salestaxindia.com/htms/glossary.htm, last viewed on March 4th, 2015.

[16] http://gst.taxmann.com/caselaws-all-refinesearch.aspx, last viewed on March 4th, 2015.

[17] http://www.madanassociates.com/pdf/value_added_taxation.pdf, last viewed on March 4th, 2015.

[18] http://www.ficci.com/sector/38/add_Docs/FICCI-Newsletter-Tax-Updates-April-2014.pdf, last viewed on March 4th, 2015.

[19] Article titled “Value added taxation controversy”— by Girish Ghandyal (accessed the article on the internet)  2003 Model VAT Bill introduced by the Finance Minister in India during his budget speech April, 2003

[20] Krishna Kumar Verma, November.1, 2005, ‘VAT in Tax Reforms: Problems and Prospects’, Southern Economist, Vol.44, No.13

[21] Krishna Kumar Verma, November.1, 2005, ‘VAT in Tax Reforms: Problems and Prospects’, Southern Economist, Vol.44, No.13

[22] http://dor.gov.in/vatintro, last viewed on March 4th, 2015.

[23] http://www.ficci.com/sector/38/add_Docs/FICCI-Newsletter-Tax-Updates-April-2014.pdf, last viewed on March 4th, 2015.

[1] http://dor.gov.in/vatintro, last viewed on March 4th, 2015.

[2] http://www.madanassociates.com/pdf/value_added_taxation.pdf, last viewed on March 4th, 2015.

[3] Sathish Kumar. A, Aug.1.2004, ‘Value Added Tax Enigma’, Southern Economist, Vol.43, No.7, PP.27 and 28

[4] http://www.ficci.com/sector/38/add_Docs/FICCI-Newsletter-Tax-Updates-April-2014.pdf, last viewed on March 4th, 2015.

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