New Delhi and Maharashtra may lower valued-added tax (VAT) rate on bullion to 0.25 per cent, as consensus on introducing uniform floor rate for precious metals seemed difficult to emerge at the empowered committee’s meeting on Wednesday.‘‘At the moment, consensus does not seem to be emerging on the issue at the VAT panel’s meeting on Wednesday. If that happens, we will also reduce VAT rate on bullion to 0.25 per cent,’’ Delhi Finance Minister A.K. Walia said during the meeting of the sales tax commissioners of the VAT implementing states here.‘‘We will first try to evolve consensus on the issue, but if that does not happen, we will be forced to lower VAT rate on bullion,’’ Maharashtra Sales Tax Commissioner B.C. Khatua said after the meeting.The meeting, attended by Empowered Panel Chairman Asim Dasgupta and secretary Ramesh Chandra, was basically an interaction of state sales tax commissioners prior to discussions with finance ministers on Wednesday.
