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`Implications of changes in tax system should be assessed'

Our Bureau

New Delhi , Sept. 29

THE Chairman of the Twelfth Finance Commission, Dr C. Rangarajan, has underscored the need to make an assessment of the revenue implications arising from the proposed taxation system for services, introduction of the State-level value-added tax (VAT) and the phased withdrawal of Central sales tax (CST).

Addressing the NIPFP conference, Dr Rangarajan highlighted that some of the forthcoming changes in tax assignments have a bearing on the issue of "vertical sharing" of resources between the Centre and the States.

Besides the issues of State-level VAT and phased withdrawal of CST, he raised the issue of taxation of services.

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