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H'bad textile traders discuss alternatives to VAT
29
Dec '11
The textile traders of Hyderabad agitating against the Value Added Tax (VAT) have shown their readiness to step back if the government agrees to replace the existing tax regime with a new fixed rate.

Considering that in spite of strong opposition from the textile traders, the government has not eased its stand on VAT on textiles.

Textile traders from entire Hyderabad convened a meeting, where they decided to present various alternatives for VAT before the government.

Justifying why they cannot accept VAT levy at present, textile traders said that if VAT is made applicable in the State, they would suffer a loss of business, as this would raise the cost of textiles in Andhra Pradesh as compared to other parts of the country.

Also they noted that VAT payment is also not easy for them as 90 percent of the State's textile sector is unorganized, consisting of small traders, majority of whom, do not maintain proper books of accounts.

The accused the authorities for detaining vehicles loaded with textiles, which do not have tax identification number and also issuing notices to textile traders.

Traders said they are ready to accept a "fixed tax alternative" in place of a percentage based sales tax system like VAT. From the options discussed, the traders agreed on a tax scheme where the levy is not as high as VAT.

They said that it should be a one-time levy based on business turnover, which would even make it easy for the small traders lacking proper book-keeping system to pay their dues.

Fibre2fashion News Desk - India


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