Hyderabad

FTAPCCI wants AP to put new tax requirement on hold

more-in

Trade and industry body Federation of Telangana and Andhra Pradesh Chamber of Commerce and Industry (FTAPCCI) has appealed to the Andhra Pradesh government to keep in abeyance, the implementation of the Invoice Matching System.

A delegation led by FTAPCCI senior vice-president Ravindra Modi met the Commissioner of Commercial Taxes, J. Syamala Rao, and submitted a memorandum describing the system as “cumbersome and time consuming”.

Under the system, VAT dealers have to upload details of purchase and sales commodity wise in their June 2015 monthly VAT return with annexure and details of the transactions for which input tax credit is liable to be restricted as per rules.

“Submission of annexure along with VAT return 200, that too online, is time-consuming. A dealer having a few purchases can upload, but big dealers having umpteen purchase as well as sale bills may find it cumbersome,” the letter signed by Federation president Anil Reddy Vennam said. Stating that one of the principles of VAT system is low compliance cost, he said: “Our members feel that the cost of compliance under VAT has doubled, if not trebled. Whenever an officer conducts audit, he seeks hundreds of photostat copies. Added to this, the present change makes it compulsory to furnish purchase and sales data for which even small dealers are compelled to depend upon data entry operators by paying substantial remuneration.”

Why you should pay for quality journalism - Click to know more

Related Topics Hyderabad
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Dec 15, 2019 6:10:26 PM | https://www.thehindu.com/news/cities/Hyderabad/ftapcci-wants-ap-to-put-new-tax-requirement-on-hold/article7436558.ece

Next Story