The Hindu : Business : VAT panel set up

Online edition of India's National Newspaper
Wednesday, Dec 08, 2004

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Business

VAT panel set up

By Our Special Correspondent

NEW DELHI, DEC. 7. The Empowered Committee of State Finance Ministers today constituted a joint consultative committee on Value Added Tax (VAT) with representation of major trade and industry organisations to address concerns raised by traders on the new tax laws and rules.

The Committee has been set up as a follow up to the decision taken at the last meeting of the Empowered Committee with the Union Finance Minister, P. Chidambaram, where it was felt that extensive consultations be held with chambers of commerce and traders' associations to allay any apprehensions that they might have about the new taxation system.

The Committee would be headed by the Empowered Committee of State Finance Ministers Chairman, Asim Dasgupta, and would include representatives from 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 (CAIT), the Federation of All India Traders Association and the Bharatiya Udyog Vyapar Mandal, the CAIT said in a statement.

The first meeting of the consultative committee would be held on December 13 to study the problems faced by trade and industry in implementing VAT scheduled from April 2005.

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