Industry & Economy
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Taxation
`States yet to implement VAT may do so soon'
Our Bureau
Kolkata
,
Aug. 28
ALL seven States, which have not yet implemented value added tax (VAT) by replacing their sales tax, may do so soon.
This was indicated by the Chairman of the Empowered Committee on VAT and the West Bengal Finance Minister, Dr Asim Dasgupta.
Speaking at the 44th AGM of the Federation of Paper Traders' Associations of India here on Saturday, Dr Dasgupta said he was informed by senior officials of these seven States, who attended a recent VAT meeting in Delhi that almost all formalities had been completed regarding implementation of VAT, pending a final decision at the political level.
He said of the total 28 States in the country, 21 had already implemented VAT from April, and the revenue collection in all the States had improved considerably.
Dr Dasgupta said all paper and paperproducts had been put under 4 per cent VAT. Paper traders had been told to inform if any paper related product was yet to be brought under VAT. He said there was enough scope to simplify tax structure in the country, facilitating garnering of more resources by the Union as well as the State Governments.
He said the West Bengal Government was keen on reviving two closed paper mills, namely Titaghur Paper and Bengal Paper.
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