Synopsis In India VAT was proposed to enact from April 2003 but could not enacted due to the opposition by traders etc. some states have fear that they would lose the revenues initially but the central government has promised to meet the loss temporarily and in the long run the states would be able to get greater revenues. And now the Government once again declares that VAT would be implemented from 1 April 2005 and most of states have already completed their ground work to enact it. When the world economies are coming closer and closer to one and another for economic co-operations, we can not keep ourselves out of this process. Thus, such king of state affairs and re-engineering of tax system becomes a necessity to adopt world accepted VAT to reap the benefits of world trade. It was really heartening to see the concern shown by our contributors. The editors tenders their heartfelt gratitudes to all contributors.