Industry & Economy
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Taxation
States working on HSN classification code for VAT
Our Bureau
New Delhi
,
April 4
WITH the VAT system in operation, States have started gearing themselves towards a harmonised system of nomenclature (HSN) basis of classification of goods for VAT purposes.
An 8-digit HSN code system has already been adopted in the country for Customs, Central excise and foreign trade statistics purposes.
"The necessary papers for adoption of HSN code have already been circulated (in March) with the States. We are awaiting their response and comments," said Mr Ramesh Chandra, Member-Secretary, Empowered Committee of State Finance Ministers on VAT.
For items that are already defined under the HSN system, the States would adopt this internationally recognised code.
For items that do not find mention in the international code and are peculiar to India, the Empowered Committee would devise an appropriate computerised code.
The VAT system that has now been adopted by the majority of States covers about 550 items.
Indications are that the coverage of the VAT system would be expanded to avoid classification disputes.
Meanwhile, trade leaders of different States are to meet here on Tuesday and Wednesday at a national Governing Board conference of the Confederation of All India Traders (CAIT).
The CAIT Secretary-General, Mr Praveen Khandelwal, said that the two-day meet of trade leaders in New Delhi would discuss threadbare the VAT Acts and Rules, whatever available, and draw up a list of discrepancies, anomalies and ambiguities.
The meet would discuss the future course of action on the agitation against VAT introduction.
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