Business Daily from THE HINDU group of publications
Thursday, Apr 17, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Apr 17, 2008 ePaper | Mobile/PDA Version | Audio |
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Industry & Economy
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Taxation States finalise contours of CST compensation package Our Bureau New Delhi, April 16 State Finance Ministers on Wednesday finalised the contours of the compensation package that they would demand from the Centre for the reduction in central sales tax (CST) ceiling rate from 3 per cent to 2 per cent. With the Centre and the States yet to agree on the compensation package, there is still uncertainty on the date from which CST rate would be cut to 2 per cent. While States are understood to have agreed today on May 1 as the date from which CST rate should be cut to 2 per cent, the implementation of this depends on the compensation package. States are likely to submit their stance on the compensation package in writing to the Union Finance Minister, Mr P. Chidambaram, in the next few days. VAT ratesThe Chairman of the Empowered Committee on State Finance Ministers on VAT, Dr Asim Dasgupta, told newspersons on Wednesday that States will not raise VAT rates as it would be inflationary. Increasing VAT rates was one of the limbs of the CST compensation package that was agreed to by the States last year. With the States reluctant to increase VAT rates and also not keen on bringing textiles under the VAT regime, they are now looking up to the Centre to bring in additional budgetary support to make good their losses from proposed CST rate cut. More Stories on : Taxation
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