Wednesday, Dec 01, 2004
Wednesday, Dec 01, 2004 |
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By Our Special Correspondent
NEW DELHI, NOV. 30. The Centre and States have moved closer to the implementation of a nation-wide Value Added Tax (VAT) by April 1 next year with the decision today to circulate a white paper on the new tax system within the next 15 days. After a meeting of the Empowered Committee on VAT with the Union Finance Minister, P. Chidambaram, here today, the Committee's Chairman, Asim Dasgupta, told the media that after the draft white paper is circulated, the States would go in for an awareness campaign. Leading industry and trade bodies such as the Federation of Indian Chambers of Commerce and Industry, the Confederation of Indian Industry, the Associated Chambers of Commerce and Industry, the Confederation of All India Traders and the Bharatiya Udyog and Vyapar Sangh will interact with the VAT panel regularly so that their apprehensions and doubts over the implementation of the new tax regime could be addressed. Mr. Dasgupta, who is also the West Bengal Finance Minister, said most of the States were ready with their VAT legislation and the remaining States were expected to get the nod of their respective Assemblies in the winter session. He said a delegation from Uttar Pradesh, which has been the only State to oppose VAT, would meet him in Kolkata on December 4. Today's meeting took up various issues including VAT legislation, VAT rates and the programme for awareness campaigns. Almost 26 States had firmed up VAT Bills by November first week after the Centre promised full compensation in the first year of the new taxation system in case of any revenue loss. Mr. Chidambaram had announced a three-tier compensation package in October, under which States would be fully compensated in the first year, 75 per cent in the second year and 50 per cent in the third year of VAT implementation. However, the four per cent Central Sales Tax would continue in the first year (2005-06) but eventually it would be phased out, for which a timeframe would be worked out by the VAT committee.
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