Financial Daily from THE HINDU group of publications
Friday, Nov 08, 2002
Financial Daily from THE HINDU group of publications Friday, Nov 08, 2002 |
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Info-Tech
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New Products & Services Industry & Economy - Taxation MS, PwC launch VAT software Our Bureau
Mr Rajiv Nair, President, Mircosoft India, with Mr Roopen Roy, Director, PricewaterhouseCoopers, at the launch of `off-the-shelf' VAT solution in the Capital on Thursday.
NEW DELHI, Nov. 7 MICROSOFT Corporation India and PricewaterhouseCoopers (PwC) India have jointly developed an off-the-shelf Value Added Tax (VAT) software solution for the State tax departments in the country. The solution, developed by PwC using Microsoft .NET framework, seeks to simplify the task of filing sales tax returns by businesses and facilitate consolidation of results by the tax departments on a period basis, company officials said here at a press conference on Thursday. "The application will not only ensure speedy information access and execution for the State tax department but will also enable individual businesses to file their tax returns electronically and expect speedy disposition of their assessment cases in real time," said Mr Roopen Roy, Director, PwC. According to Mr Rajiv Nair, President, Microsoft India, the company has been working very closely with the Centre and State Governments to help address various e-governance requirements and VAT solutions would add a new dimension to this relationship. India will implement the VAT from April 1, 2003, replacing the existing sales tax system. Around 120 countries currently use VAT. The Microsoft-PwC VAT solution has an assessment computation engine which provides computed assessment of tax liabilities of dealers which can then be compared against the dealer's actual declaration and any discrepancies can be judged. The payment received from the dealers too can be captured in the system through necessary screens from banks.
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