VAT, or the value-added tax as
it is popularly known, is clearly gaining ground, with Tamil
Nadu state government also deciding to implement the new
taxation system in the state from the first day of the next
year. VAT, which seeks to simplify the tax structure and
create a uniform common market within the country, replaced
the sales tax in India on January 4, 2005. It was adopted by
all but three states though: Tamil Nadu, Pondicherry and Uttar
Pradesh. Now even Tamil Nadu has jumped on the VAT bandwagon.
The development calls for a relook at the new taxation
system.
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