Business Daily from THE HINDU group of publications
Wednesday, Mar 26, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Mar 26, 2008 ePaper | Mobile/PDA Version |
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Modernisation Industry & Economy - Taxation Delhi airport seeks one-time VAT refund Our Bureau New Delhi, March 25 In an effort to bring down the cost of modernising the Delhi airport, the project promoters are seeking a one-time refund on the value-added tax (VAT) levied by the State Government on import of capital equipment. Sources told Business Line that there was a precedent for granting the refund as the Delhi Metro Rail Corporation, which is undertaking the metro project was given relief by the Delhi and Haryana State Governments. At the moment, Delhi charges a VAT rate of either four per cent and 12.5 per cent depending on the machinery being imported. The acceptance of plea will come as a relief to Delhi International Airport Ltd (DIAL), the company undertaking the modernisation programme as the cost of completing phase one of the project had risen to Rs 8,900 crore from Rs 5,000 crore estimated earlier. A consortium led by the GMR Group won the mandate to modernise the Delhi airport in January 2006. The consortium includes Fraport, the promoters of Frankfurt airport, and Airports Authority of India (AAI). More Stories on : Modernisation | Taxation
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