Published On : Sun, Jul 27th, 2014

Major VAT Procedural Reforms to be implemented soon – Rajendra Mulak

rajendramulakNagpur News :

Major VAT reforms pertaining to procedures & systems will be carried out in coming days which will resolve the various long standing issues of Trade & Industry, remarked Shri Rajendra Mulak, Minister of State for Finance while addressing the audience at Interactive Meet with Minister of State for Finance organized by Nagpur Branch of ICAI at ICAI Bhavan, Dhantoil Nagpur. He responded to all the queries raised by Chartered Accountants related to VAT.

He further said that there are certain issues with LBT implementation which will be resolved very soon and LBT Model of Maharashtra is appreciated by all in the Empowered Group of Finance Minister at Central level. He addressed various issues of power sector. He informed that MIHAN will be allowed to purchase power from open market and it can supply power at Rs. 4 per unit to MIHAN Units, which will give major boost to MIHAN and it will become fully operational in very near future. He assured of all possible help to Chartered Accountants in matters related to revenue law implementation & appreciated the infrastructure at Nagpur Branch of ICAI.

CA. Julfesh Shah Vice Chairman WIRC in his address said that assessee are ready to pay tax, but a conducive & positive environment is needed. He also said that while performing their duties, CA’s come across various difficulties faced by their clients and complicated procedures should be simplified. He requested to appoint a representative of CA Institute on VAT Advisory forum of Sales Tax Department. He also asked to introduce Amnesty Scheme for various litigated transactions, so that genuine dealers are not penalized and given a chance.

Earlier CA. Ashwini Agrawal Chairman of the Branch felicitated Shri Rajendra Mulak, Minister of State for Finance on his maiden visit to Nagpur Branch of ICAI. He informed about various problems related to VAT and requested Hon. Minister for early resolution of the same. He also informed about various issues faced by clients and their CAs regarding LBT like export refund, VAT Check post. He requested the Hon Minister to set up a system for regular interaction with professionals and Trade & Industry for smooth implementation of Taxation Laws. He also briefed about various activities of the branch.

Shri G.B. Indurkar, Additional Commissioner of Sales Tax and Shri Lahane, Deputy Commissioner of Sales Tax also resolved various queries of the members present.

The programme was coordinated by CA. Suren Duragkar, CA. Umang Agrawal introduced the Chief Guest & CA. Swapnil Ghate, Secretary proposed formal vote of thanks. Also present on occasion were CA. Kirti Agrawal, CA. Sandeep Jotwani, CA. Swapnil Agrawal, CA. O.S. Bagdia, CA. Aniruddha Shenwai, CA. Ajit Gokarn, CA. Shambu Tekriwal, CA. Sanjay Agrawal, CA. Laxmikant Hajare, CA. Y.S. Zalke, CA. S.R. Toshniwal. CA. Satish Laddhad, CA. Arvind Bhansali, CA. Ritesh Mehta, CA. Ankush Kesharwani, CA. R.D. Parkeh, CA. Suresh Rathi & more than 150 Chartered Accountants.