Decision on VAT rates today

The empowered committee of state finance ministers on VAT will take a decision on Saturday on removing variations in tax rates between state...

The empowered committee of state finance ministers on VAT will take a decision on Saturday on removing variations in tax rates between states. The committee will also discuss in detail the issue of price rise due to implementation of VAT by states from this month. This was stated by the chairman of the empowered committee, Asim Dasgupta on Friday.

On Friday, as a preparation for the Saturday’s meeting, the committee collected data on variations in VAT rates and other implementation issues from officials of the 21 states that have switched over to the new tax system.

State finance ministers, including of those states that have not switched over to the new tax system, will attend the empowered committee’s meeting on Saturday.

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The data, collected on Friday, revealed that only a few states have resorted to variations in tax rates. According to Dasgupta, “If we take 21 states that implemented VAT collectively, there have not been significant variations (in VAT rates) from their committed stance. In a few states, we have noted deviations.”

Reluctant states may be gearing up for VAT

New Delhi

: States that have not introduced VAT from April are understood to have been gearing up for the new tax regime. The reluctant states — UP, Uttaranchal, TN, Rajasthan, Gujarat, MP, Chhatisgarh and Jharkhand — have been asked to maintain floor rates of sales tax as it was agreed upon in 2000 till they switch over to VAT. A state tax official said, “It has been found that all the officers of non-VAT states have also started to do preparatory work on VAT.” — PTI

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