Industry & Economy
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Taxation
Jharkhand to implement VAT from January
Our Bureau
New Delhi
,
Oct 5
JHARKHAND on Wednesday said that it would implement VAT from January 2006. This is the first BJP-ruled State to officially announce a timeline for VAT implementation.
"We have drafted a VAT Bill, which will be introduced in the State Assembly if it meets in December. Otherwise an Ordinance would be issued for implementing VAT from January", Mr Raghubar Das, Finance Minister of Jharkhand, told newspersons here today.
He also said that the State has taken this decision after consulting the central leadership of the BJP.
Mr Das said that Jharkhand was hesitating to implement VAT from April 1 as there was no clear-cut compensation formula from the Centre for the CST phase out.
The VAT Panel Chairman, Dr Asim Dasgupta, expressed hope that the other BJP-ruled States would also follow suit and implement VAT in their respective States. Gujarat, Madhya Pradesh, Rajasthan, Chhattisgarh are the other BJP-ruled States where VAT was yet to be implemented.
Meanwhile, indications are that Dr Dasgupta would meet the Uttar Pradesh Chief Minister, Mr Mulayam Singh Yadav, in November on the issue of VAT implementation in that State.
On the issue of deviations on VAT rates and uniform floor rates, Dr Dasgupta said that a "special" meeting of the Empowered Committee would be held in the middle of next month to look into this issue.
"At this special meeting, we will take some sharp decisions", he said.
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