Financial Daily from THE HINDU group of publications
Thursday, Dec 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 01, 2005 |
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Industry & Economy
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Taxation Tax losses: Karnataka gets Rs 251.16-cr compensation Our Bureau
Bangalore , Nov. 30 KARNATAKA has received a compensation of Rs 251.16 crore from the Centre for tax losses incurred due to transition to the value added tax (VAT) regime. Speaking to newspersons here on Wednesday, the State Finance Minister, Mr P. G. R. Scindia, said that the State had incurred a revenue shortfall of Rs 270.11 crore for the first six months of the fiscal. The compensation to the State is in the form of a non-plan grant. However, sales tax receipts from petroleum products increased by 30 per cent during the year due to petroleum price increases, said Mr Scindia. Petroleum products are outside the scope of the VAT regime. Referring to the Centre's debt restructuring for States, he said, the rescheduling of loans resulted in bringing down Karnataka's debt burden by Rs 110 crore. Under the rescheduling terms, repayment on loans amounting to Rs 7,166 crore was extended to 20 years. Interest was brought down to 7.5 per cent. The consolidation and consequent rescheduling had brought down the repayment burden to Rs 1,960.75 crore.
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