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K.R. Srivats

New Delhi, March 2

State finance ministers will meet here on March 11 under the aegis of the Empowered Committee of State Finance Ministers on Value Added Tax (VAT). The contentious issue of compensation formula for central sales tax (CST) phase-out is expected to come up for discussion. The VAT Panel has taken an in-principle decision to cut CST ceiling from 4 to 2 per cent. The Finance Minister, Mr P. Chidambaram had in his budget speech for 2006-07 indicated that there was no agreement yet between the Centre and the States on the compensation for revenue loss from CST phase-out. Meanwhile, sources said that Chattisgarh, Gujarat, Jharkhand and M.P. are likely to implement state-level VAT from April 1.

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