CII asks govt to defer enforcement of VAT

NEW DELHI: The Confederation of All India Traders on Friday asked the Government to defer the enforcement of VAT by a year termimg the piece of legislation as a "penal law".
The enforcement of the Value Added Tax should be deferred from April 2003 to April 2004 as the enforcement of VAT would hit the industry. The Government should initiate a debate on VAT before its promulgation, a CAIT statement said here.
"We also urge the Government to lower the tax rate in the proposed VAT rule," CAIT General Secretary Praveen Khandelwal said.