4,000 traders to come under VAT

KURNOOL, MARCH 11. The Joint Commissioner of Commercial Taxes, Laxmi Prasad, has said that around 4,000 traders having an annual turnover above Rs. 40 lakhs will come under the purview of Value-added Tax (VAT) system in Kurnool district.

Addressing a meeting of traders at the Chamber of Commerce Office here on Friday, he said out of 16,162 traders who were registered under the APGST Act, only 4,000 attracted VAT. He explained that VAT was a simple system, which required no registration fee, security deposit and renewal fee. About 10,000 small traders would never think of VAT in the district.

Those who were covered by CST should have an option whether to go for VAT or not. He asked businessmen not to entertain misconceptions about VAT, which was rational and simple.

Talking to reporters, Mr. Prasad said the traders were required to furnish information about their business by March 15. The department would complete the process of issuing individual numbers and other formalities by March 28 to be ready for implementation of VAT by April 1. He said mobile teams were constituted to receive information from businessmen.

Counselling centre

A counselling centre was set up in the office of Deputy Commissioner of Commercial Taxes here to clarify individual doubts besides supplying literature.

The president of Chamber of Commerce, Vijaykumar Reddy, the Deputy Commissioner, and others attended the meeting.