IIA To help UP Govt Implement VAT

Lucknow: The Indian Industry Association (IIA), an apex body of Micro Small and Medium Enterprises (MSME) in Uttar Pradesh, is all set to assist the state government implement Value Added Tax (VAT) in the state. This was disclosed in a seminar conducted by the chamber titled ''Preparation for implementation of VAT in UP''. The chamber proposes to workout a recommendation, on this study, to be submitted to the UP government by August 15. Recently, the Uttar Pradesh government made its stand clear on the implementation of VAT in the state, after which the government machinery swung into action to do the groundwork for the same. They should therefore try to clarify certain important issues immediately regarding refunds, openings stocks, treatment of outstanding credit, assessment procedures, compounding of tax, verification practices and set-offs,. Thirty industrialists and experts from Punjab, Haryana, Uttarakhand, Himachal Pradesh, Delhi, Rajasthan and Madhya Pradesh, attended the seminar.IIA said keeping in view the apprehensions of small businessmen, IIA should advise a threshold limit of at least Rs 10,00000 for the applicability of VAT.