VAT Backgrounder

1.1 VAT (Value Added Tax) was introduced in respect of Central Excise in March, 1986, thorough provisions of MODVAT. The MODVAT was later renamed as CENVAT on 1-4-2000. Sales Tax VAT was expected to be introduced w.e.f. 1-4-2002. Now, its implementation has been postponed by one year, and if all goes well, Sales Tax VAT will be introduced by all States from 1-4-2003.

Some amendments have been made in CST Act vide Finance Act, 2002 to facilitate implementation of Sales Tax VAT. However, some further amendments will be required if VAT has to be introduced

Purpose of this backgrounder is to explain basic concepts of VAT, discuss possible difficulties and suggest some solutions.

Principle of VAT

1.2 VAT (Value Added Tax) has its origin in West European Countries. Generally, any tax is related to selling price of product. In modern production technology, raw material passes through various stages and processes till it reaches the ultimate stage e.g., steel ingots are made in a steel mill. These are rolled into plates by a re-rolling unit, while third manufacturer makes furniture from these plates. Thus, output of the first manufacturer becomes input for second manufacturer, who carries out further processing and supply it to third manufacturer. This process continues till a final product emerges. This product then goes to distributor/wholesaler, who sells it to retailer and then it reaches the ultimate consumer. If a tax is based on selling price of a product, the tax burden goes on increasing as raw material and final product passes from one stage to other. For example, let us assume that tax on a product is 10% of selling price. Manufacturer ‘A’ supplies his output to ‘B’ at Rs. 100. Thus, ‘B’ gets the material at Rs. 110, inclusive of tax @ 10%. He carries out further processing and sells his output to ‘C’ at Rs. 150. While calculating his cost, ‘B’ has considered his purchase cost of materials as Rs. 110 and added Rs. 40 as his conversion charges. While selling product to C, B will charge tax again @ 10%. Thus C will get the item at Rs. 165 (150+10% tax). In fact, ‘value added’ by B is only Rs. 40 (150–110), tax on which would have been only Rs. 4, while the tax paid was Rs. 15. As stages of production and/or sales continue, each subsequent purchaser has to pay tax again and again on the material which has already suffered tax. This is called cascading effect.

1.2-1 Cascading effect of taxes - A tax purely based on selling price of a product has cascading effect, which has the following disadvantages :

Computation of exact tax content difficult - It becomes very difficult to know the real tax content in the price of a product, as a product passes through various stages and tax is levied at each stage. This is particularly important for granting Export incentives or for fixing regulatory prices.

Varying Tax Burden - Tax burden on any commodity will vary widely depending on the number of stages through which it passes in the chain from first producer to the ultimate consumer.

Discourages Ancillarisation - Ancillarisation means getting most of the parts/components manufactured from outside and making final assembly. It is common for large manufacturers (like automobile, machinery etc.) to get the parts manufactured from outside and make final assembly in his plant. If a component is purchased from outside, tax is payable. However, if the same component is manufactured inside the factory, no tax would be payable. Thus, manufacturers are tempted to manufacture parts themselves instead of developing ancillary units for supply of the same. This is against the national policy, because it discourages growth of Small Scale Industry and increases concentration of economic power.

Increases cost of production - If a manufacturer decides to reduce ancillarisation, it increases cost of production and waste of scarce national resources, as the large manufacturer may not be in a position to fully utilise the production capacity of the machinery.

Concessions on basis of END use is not possible - Same article may be used for various purposes e.g. Copper may be used for utensils, electric cables or air conditioners. Government would naturally like to vary tax burden depending on use. However, this is not possible as when Copper is cleared from factory, its final use cannot be known.

Exports cannot be made tax free – Though final products which are exported, are exempt from tax, there is no mechanism to grant rebate of tax paid at the earlier stages on the inputs.

1.2-2 VAT in Europe - A concept of VAT was developed to overcome these difficulties. VAT means "Value Added Tax", which means that the tax is payable only on value added. In above example, if ‘B’ purchases goods from ‘A’ at Rs. 110 and sells the same to ‘C’ at Rs. 150, the value added by B is only Rs. 40 and hence under the VAT scheme, the tax would be payable by ‘B’ only on Rs. 40. Alternatively, he will pay tax on Rs. 150 but will get a refund or credit of tax already paid by him on his purchase of raw materials. The later method is usually preferred for better control. This concept is developed particularly in West European countries where they have a common market of all Western Europe. Due to advantages of VAT, presently VAT has been introduced in over 115 countries, including countries in Africa, Asia, Europe, Middle East, South America, North America and even China. However, USA has not gone into VAT yet. Europe has created single market by abolishing fiscal frontiers since 1993. Destination principle is operating through an account based computerised information system in Europe.

Advantages of VAT are as follows :

n Exports can be freed from domestic trade taxes

n It provides an instrument of taxing consumption of goods and services

n Interference in market forces is minimum

n Aids tax enforcement by providing audit trail through different stages of production and trade. Thus, it acts as a self-policing mechanism.

Economic Advantages of VAT - Economists say that VAT has following advantages : (a) Buoyant Revenue (b) Efficient tax collection (c) Neutrality i.e. with minimum distortion in tax structure - as there are few variations in tax rates and exemptions from taxation are very few (d) Reduces tax evasion - if one evades tax, the chain is broken and VAT benefit on earlier transaction is lost (e) Increased tax base - hence it requires lower tax rates.

The disadvantage is that paper work required increases considerably and it is not as simple as a single point sales tax.

Types of ‘VAT’ - Broadly, there are three types of ‘VAT’ (a) Income Type - In this case, purchase of raw materials as well as depreciation is allowed as deduction from sales. Tax is calculated on the difference (b) Product Type - here the only deduction allowed is the purchase cost of raw materials. No deduction is allowed in respect of capital expenditure. However, this encourages tax avoidance by classifying capital expenditure as revenue expenditure (c) Consumption Type - here ‘Value Added’ is considered by deducting all purchases, raw materials and capital items.

Consumption type VAT is popular and it is adopted by most of the countries for following reasons : (a) Administration control is easy due to ‘credit method’ that can be adopted (b) It makes no distinction between capital intensive and labour intensive activities (c) Tax avoidance by classifying capital goods purchases as revenue purchases is avoided. (d) It is in harmony with the 'destination principle' (e) It simplifies tax administration as there is no need to distinguish between purchase of capital goods and consumption goods.

Destination principle - The advantage of ‘consumption type’ VAT is that tax burden is only at the last i.e. consumption stage. This is useful for taxation structure based on 'destination principle'. At all the earlier stages of production, there is no tax burden in view of the credit obtained when the inputs are used for production of final product. Thus, it becomes easier to give concessions to goods used by common man or goods used for manufacture of capital goods or exported goods and charge heavy duty on luxury goods.

Method of implementation of VAT - There are two methods of implementation of VAT : (a) Subtraction Method : Here, purchases are deducted from the sales and tax is calculated only on ‘Value Added’. (b) Tax Credit Method : Here, the tax is levied on full sale price, but credit is given of tax paid on purchases. Thus, effectively, tax is levied only on ‘Value Added’. The ‘Tax Credit Method’ is better as (a) Audit control is much better, which helps in controlling tax evasion. It acts as a self-policing mechanism (b) Flexibility in applying varying tax rates to different commodities (c) Useful in giving tax benefits on exports. Most of the countries have adopted 'tax credit' method for implementation of VAT.

1.2-3 Thinking in India on VAT - Govt. of India had set up "Indirect Taxation Enquiry Committee" in 1976 under chairmanship of Shri. L.K. Jha. The Committee strongly recommended adoption of concept of VAT in India. However, the Committee noted that it is very difficult to administer the VAT scheme in toto due to following reasons :

Difficult at retail stage - Many small dealers maintain only primitive accounts and it will be extremely difficult for them to keep proper and detailed accounts required for VAT purposes. It will also be difficult to administer the tax system at wholesale and retail stage.

Numerous products dealt by wholesaler and retailers - Wholesalers and retailers usually deal in numerous products and commodities, which carry different rates. Thus, matching of output and input taxes is difficult. Ideally, VAT should have very few rates. This is not possible in India due to varying and diverse fiscal and social requirements.

Taxing powers of Centre and State - India has a federal structure and some taxes can be levied only by State, while others by Centre. Thus, introduction of VAT will be difficult unless all State Governments agree.

The Committee therefore recommended MANVAT i.e. VAT at manufacturing level. Govt. of India announced its "long term fiscal policy" in December 1985 and the policy contained the proposal to introduce Modified Value Added Tax. It is termed as 'modified' as it is restricted only upto manufacturing stage. Accordingly, the MODVAT scheme was introduced w.e.f. 1-3-1986. Initially, only selected items in 37 chapters were covered under the scheme. Subsequently, the list of items covered was slowly expanded and by 1994, products in 77 Chapters out of 91 Chapters in CETA were covered under MODVAT scheme. Textile sector was also brought under MODVAT during 1996 and Tobacco sector was covered in 2000. Thus, MODVAT covers almost all manufacturing sectors except (a) matches not eligible as final product and (b) High Speed Diesel (HSD) and motor spirit (petrol) are not eligible as inputs.. - - MODVAT scheme was extended to Capital goods w.e.f. 1st March, 1994. MODVAT was re-named as Cenvat on 1-4-2000.

1.2-4Highlights of CENVAT - Highlights of the scheme as contained in Cenvat Credit Rules, 2002 are as follows :

Credit of duty paid on input - The CENVAT scheme is principally based on system of granting credit of duty paid on inputs. Under CENVAT, a manufacturer has to pay duty as per normal procedure on the basis of ‘Assessable Value’ (which is mainly based on selling price). However, he gets credit of duty paid on inputs.

Inputs eligible for CENVAT - Credit will be available of duty paid on (a) raw materials (excluding diesel and petrol) (b) material used in relation to manufacture like consumables etc. (c) Packaging materials (d) Paints.

Inputs should be used in or in relation to manufacture - CENVAT credit is available only on inputs used in or in relation to manufacture of a final product.

Input may be used directly or indirectly- The input may be used directly or indirectly in or in relation to manufacture. The input need not be present in the final product.

No credit on HSD and petrol - Duty paid on high speed diesel and motor spirit (petrol) is not available as Cenvat credit, even if these are used as raw materials.

No credit if final product exempt from duty - No credit is available if final product is exempt from duty - Rule 6(1) of Cenvat Credit Rules. If a manufacturer manufactures more than one product, it may happen that some of the products are exempt from duty. In such cases, duty paid on inputs used for manufacture of exempted products cannot be used for payment of duty on other products which are not exempt from duty. However, if the manufacturer uses common inputs both for exempted as well as un-exempted goods, he has to pay an ‘amount’ of 8% of price of exempted goods.

Credit on basis of specified documents - Credit is to be availed only on the basis of specified documents as proof of payment of duty on inputs.

Credit available instantly - Credit of duty on inputs can be taken up instantly, i.e. as soon as inputs reach the factory. In case of capital goods, 50% credit is available in current year and balance 50% in subsequent financial year.

No cash Refund - In some cases, it may happen that duty paid on inputs may be more than duty payable on final products. In such cases, though the CENVAT credit will be available to the manufacturer, he cannot use the same and the same will lapse. There is no provision for refund of the excess CENVAT credit. However, the only exception is in case of exports where duty paid on input material used for exported goods is refundable.

One to one co-relation not required - CENVAT rules do not require input-output co-relation to be established.

CENVAT on Capital Goods - Credit of duty paid on machinery, plant, spare parts of machinery, tools, dies, etc., is available. However, 50% credit is available in current year and balance 50% in subsequent financial year.

CENVAT available only if there is 'manufacture' - CENVAT on inputs is available only if the process amounts to 'manufacture'. Otherwise, CENVAT is not available. [In fact, in such cases, no duty is payable on the final product and question of CENVAT does not arise at all].

1.2-3 Sales Tax VAT - In view of the advantages of VAT, it is proposed to introduce VAT is sales tax also. In the Conference of Chief Ministers of States held on 16-11-1999, it has been agreed by all States to implement VAT in sales tax. 

1.3 System of VAT works on tax credit method.

1.3-1 Illustration of tax credit system - Let us assume that tax on a product is 10% of selling price. Under usual system of taxation, Manufacturer ‘A’ supplies his output to ‘B’ at Rs. 100. Thus, ‘B’ gets the material at Rs. 110, inclusive of tax @ 10%. He carries out further processing and sells his output to ‘C’ at Rs. 150. While calculating his cost, ‘B’ has considered his purchase cost of materials as Rs. 110 and added Rs. 40 as his conversion charges. While selling product to C, B will charge tax again @ 10%. Thus C will get the item at Rs. 165 (150+10% tax).

Under VAT system, ‘B’ will purchase goods from ‘A’ @ Rs. 110, which is inclusive of duty of Rs. 10. Since ‘B’ is going to get credit of duty of Rs. 10, he will not consider this amount for his costing. He will charge conversion charges of Rs. 40.00 and sell his goods at Rs. 140. He will charge 10% tax and raise invoice of Rs. 154.00 to ‘C’. (140 plus tax @ 10%). In the Invoice prepared by ‘B’, the duty shown will be Rs. 14. However, ‘B’ will get credit of Rs. 10 paid on the raw material purchased by him from ‘A’. Thus, effective duty paid by ‘B’ will be only Rs. 4. ‘C’ will get the goods at Rs. 154 and not at Rs. 165 which he would have got in absence of VAT. Thus, in effect, ‘B’ has to pay duty only on value added by him.

Note - 'B' is purchasing goods from 'A'. In second case, his purchase price is Rs 100/- as he is entitled to VAT credit of Rs 10/- i.e. tax paid on purchases. His invoice shows tax paid as Rs 14. However, since he has got credit of Rs 10/-, effectively is paying only Rs 4/- as tax, which is 10% of Rs 40/-, i.e. 10% of 'value added' by him.

1.3-2 Meaning of Value added - In the above illustration, the ‘value’ of inputs is Rs 110, while ‘value’ of output is Rs 150. Thus, the manufacturer has made ‘value addition’ of Rs 40 to the product. Simply put, ‘value added’ is the difference between selling price and the purchase price.

1.3-3 Increase in tax rate to avoid reduction in revenue - In the above illustration, it is obvious that tax revenue will go down in VAT system, if same rate of tax is maintained. Hence, VAT rate will have to be suitably increased to ensure that tax revenue does not reduce. This rate is termed as ‘Revenue Neutral rate’ (RNR). It is the VAT rate at which tax revenue remains same despite giving credit of duty paid on inputs.

1.3-4 States already have system of set off - Most of State governments already have s system of granting set off of sales tax paid on inputs. Vat is in effect an extension of the set off method to cover sales tax paid on capital goods and inputs.

Defects in present sales tax system in India

1.4 Since intra-state sales tax is a State subject, the provisions of local sales tax are implemented by States. Even in respect of Central Sales Tax, the CST Act is implemented by respective State Governments and revenue of CST goes to State from which movement of goods commenced. CST Act authorizes State government to grant exemption from central Sales Tax by issuing a notification in official gazette.

Over the years, many defects entered into structure of sales tax, due to aforesaid peculiarities.

Unhealthy Competition among States - There was competition among States to increase the sales tax revenue. Business tended to be diverted where sales tax rates were low. Some States reduced rates of Central Sales Tax and even waived the condition of submission of C form. Thus, buyers found it economical to purchase goods from neighboring State. Often, goods from the State were sent to another State on stock transfer basis and brought back in the Same State as Inter-State Sale. [In many cases, it is said that only papers were going, goods were not going].

For example, it was economical to send car/truck manufactured in Maharashtra to neighboring State on stock transfer basis and then sale it from depot in other State to a buyer in Maharashtra, as sales tax rate was very high in Maharashtra and much lower in neighboring State. (Maharahstra government introduced Entry Tax to avoid this practice) - - Rajasthan Government reduced Central Sales Tax rate on cement and waived the requirement of submission of C form. Thus, builders from Gujarat (who were unregistered) found it much economical to purchase cement from Rajasthan.

Sales tax incentives - Sales tax Incentives distorted the tax structure. When one State started giving sales tax incentives, other States had no option but to grant similar incentives. When all States grant more or less same incentives, it no more remains an ‘incentive’. Such ‘incentives’ totally ruined State finances. Many malpractices started. Often unit was started merely for purpose of obtaining sales tax incentives. It was closed as soon as incentive period was over. Bogus invoices were prepared to show sales from developing area, while actual manufacture and dispatch was from developed area. This defeated the basic purpose of granting incentives.

1.4-1 Steps taken to stop the menace - Luckily, the problems were realized and all States agreed to take necessary steps. In the Conference of Chief Ministers of States held on 16-11-1999, it was decided to implement uniform floor rates of sales-tax for the entire country. States could charge sales tax rates higher than the floor rate but not lower. It was also decided to phase out sales-tax based incentive scheme for industries, reform the Central Sales Tax system and implement VAT. Most of the States have taken steps to implement these decisions. Some States were reluctant to comply. It appears that Mr. Yashwant Sinha, Finance Minister, Government of India, had to take various measures to ensure that all States fall in line.

It is expected that with the introduction of VAT regime by States and Union Territories, a uniform common market will develop in the country.

Steps taken by States to introduce VAT - Discussion papers on VAT has been issued by many States. Some State governments have even published draft VAT Act. however, the draft Acts published merely make provisions regarding definition of dealer / business / sale, charging section, provisions of assessment, penalty, appeal etc. It is not clear how Sales Tax VAT is going to be implemented as provisions of tax credit will be only in Rules. Similarly, none of the Acts indicate the sales tax rates that are likely to be charged. Hence, none of the draft Acts give any clue how the States propose to implement VAT.

Amendments to CST - Some amendments have been made in Central Sales Tax Act w.e.f. 11th May 2002 vide Finance Act, 2002 to facilitate implementation of VAT. Restriction on ‘declared goods’ have been removed. It is also provided that concessional rate of sales tax will apply only in respect of sale to registered dealers/Government. Concessional rate of sales tax will not apply for sale to unregistered dealer. This amendment was necessary to ensure that VAT chain is not broken.

However, the amendments are incomplete and not sufficient to implement VAT. following amendments are still required.

If Central Sales Tax is to be retained, provision will have to be made about financial loss suffered by States if they have to give tax credit of CST paid. This is because, in case of CST, the tax is collected by one State (the State from which goods move), while tax credit will have to be given by another State where the goods are received and then used in manufacture or are re-sold. Alternatively, CST will have to be abolished, for which States may not agree.

As per section 6(2), in case of sale by transfer of documents, all subsequent sales are exempt from sales tax, if required forms E-I/E-II are submitted. This provision is against principles of VAT and will have to be suitably amended.

Penultimate sale for export is exempt u/s 5(3). This provision is also against principles of VAT and will have to be amended if VAT is to be introduced.

Difficulties in introducing Sales Tax VAT

1.5 Some problems in introducing sales tax VAT are discussed here.

1.5-1 Credit of CST - One problem in introducing VAT is regarding tax credit of Central Sales Tax. The reason is that CST is paid in one State while tax credit will have to be given by another State where the goods are sent for re-sale/manufacture/processing. For example, if goods are sent from Maharashtra to Karnataka, the revenue of CST is collected by Maharashtra Government while tax credit will have to be given by Karnataka Government if the goods are used in manufacture/processing/re-sold in Karnataka. This will obviously cause loss of revenue.

The problem will be acute in case of BIMARU States. [Bihar, MP, Rajasthan and UP]. These are predominantly ‘Consuming States’ i.e. ‘Importing States’ . They will have to give very high amount of credit of CST as a percentage of their total tax revenue.

All States would like Central government to compensate for this loss of revenue.

Initially, the idea was to reduce CST rate to 1%. [Even then, there would be loss to State Government Revenue]. However, the present thinking seems to be to retain CST rate at present level. State governments may be compensated by giving them powers to levy Service Tax so that the loss of revenue is recovered. It appears that some 51 services have been identified and States may be empowered to recover service tax on these services. As per the reports, these services cover legal, medical and educational services.

In any case, this problem will have to be resolved before introducing Sales Tax VAT.

1.5-2 Invoice based credit - Tax credit will have to be given on basis of document, which will be usually a ‘Vatable Invoice’. Such invoice can be issued only by a registered dealer, who is liable to pay sales tax. Since goods will be moving all over India, a system of audit checks will have to be established to keep check on bogus invoices. One essential requirement is to give TIN (Tax Identification Number) to all registered dealers, so that a check is maintained that (a) The tax as shown in the invoice has indeed been paid albeit in other State (b) There is no double credit on basis of same invoice. - - Thus, national computer network with check based on TIN will have to be established. Otherwise, misuse will be rampant.

1.5-3 TIN – Tax Identification Number for all dealers will have to be given. It is suggested that TIN should be a 10 digit code consisting of 2 digits for State, 3 digits for circle, 4 digits for individual dealer and 1 digit for checking purposes. In the opinion of author, it should be a 12 digit code. First 10 digits will be PAN of Income Tax and next two digits will be serial number of the dealer, as a person with same PAN number is likely have more than one places of business, which may be spread all over India. Reason for this suggestion is that customs and central excise authorities are already using PAN based registration number for control purposes.

1.5-4 Rates of VAT - Ideally, VAT should have only one rate. Though this is not possible, it is certain that there should be minimum varieties of rates. Present thinking seems to be to have following VAT rates.

* 0% on un-processed agricultural goods in unorganised sector and goods of special importance

* 1% floor rate for gold, silver, precious and semi-precious stones

* 4% for goods of basic necessities, industrial and agricultural inputs, declared goods, AED items and capital goods

* RNR (Revenue Neutral rate) on other goods

* Aviation turbine fuel (ATF) and petroleum products will be out of VAT regime.

Revenue Neutral rate- As explained in earlier para, RNR (Revenue Neutral Rate) will have to be decided so that revenue of State government does not diminish despite granting VAT credit of tax paid on inputs and capital goods. Such rate cannot be abnormally high. Otherwise, tax evasion will be heavy. Present thinking seems to be that such RNR should be around 10% to 12.5%.

1.5-5 One to one correlation should not be insisted upon - Each dealer deals in variety of products on which VAT rate may be varying. A manufacturer may manufacture different final products from same inputs. It will be practically impossible for a dealer to establish one to one correlation between credit of inputs availed and utilized for each type of output. Even if goods purchased are re-sold, maintaining one to one corelationship, will be extremely difficult, if not impossible. Hence, there has to be a common pool of credit which can be used for any final product manufactured/ any product re-sold. - - It may be noted that under Cenvat, one to one corelationship is not required, and credit of duty paid on any input can be utilized for payment of duty on any final product. - - This seems to be the only practical way of implementing VAT on sales tax.

1.5-5 Tax credit when final product is exempt from tax - As a basic principle of VAT, credit of tax paid on inputs/capital goods is available only to be utilized while paying duty on final product soled. As a natural corollary, VAT credit cannot be made available if no tax is payable on final product. In following cases, such situations will arise - (a) Common inputs are used to manufacture various final products, some of which are exempt from tax (b) Some of the final products are exported or supplied to SEZ unit on which no tax is required to be paid. (c) Part of production is sent on stock transfer basis, without payment of VAT tax.

Under Cenvat, this problem is solved as follows - (a) If the final product is exported / supplied to unit in SEZ, the credit availed on inputs can be utilized for payment of duty on any other product, which is sold in India. (b) In other case, an ‘amount’ equal to 50% of normal duty is required to be paid. Presently, excise duty is 16% and if final product is cleared without payment of duty, an ‘amount’ of 8% becomes payable. This is probably on the assumption that generally, VAT credit is 50% of tax paid on final product.

The solution found for Cenvat seems to be a practical solution and same may be adopted in case of stock transfers / sale of exempted products within India.

1.5-6 Units working under exemption/ deferral scheme - Under Sales Tax Incentive Schemes of State Governments, many dealers have opted for exemption scheme. They are not required to pay any sales tax. Since the invoice prepared by them will not indicate any tax paid, the buyer of goods will not get any VAT credit. This may discourage the buyers to purchase goods from such exempted units. Such exempted units may have to be given one time option to convert into ‘deferral scheme’ so that they can pay VAT tax. The buyer can avail credit of tax paid by them.

Units working under deferral scheme have to pay tax after many years. However, the buyer should be entitled to avail VAT credit immediately on purchase of goods.

1.5-7 Credit of SAD on imported goods - Importers have to pay Special Additional Duty (SAD) @ 4%. This SAD is considered as in lieu of sales tax, though provisions of Customs Act do not specifically state so. Policy will have to be decided whether credit of SAD paid on imported products can be given. If given it will be a straight revenue loss to State Government, which will have to be suitably compensated.

1.5-8 Floor rate of exemption – VAT tax should be payable only after some minimum turnover is achieved. Present thinking seems to be that floor rate of exemption should be about Rs 3 lakhs.

1.5-9 Your views please - These are some of the issues under discussions in respect of implementation of sales tax VAT. There could be many other issues connected with VAT. If you want to share your views, please communicate them to me at dateyvs@yahoo.com or query@dateyvs.com. Your views / comments / suggestions are welcome. I must make it clear that I have no ‘inside’ information on any of the matters discussed above. The information given / views expressed are purely on the basis of articles written / published by various authors and newspaper reports.