Financial Daily from THE HINDU group of publications
Tuesday, Jul 05, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jul 05, 2005 |
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Industry & Economy
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Taxation VAT panel to meet on July 9 to discuss implementation issues Our Bureau
New Delhi , July 4 STATE Finance Ministers are to meet here on July 9 to take stock of the implementation of the State-level VAT system, which was introduced in 23 States and Union Territories from April 1. "The Empowered Committee will meet on July 9 and discuss implementation issues," Mr Ramesh Chandra, Member-Secretary, Empowered Committee of State Finance Ministers on VAT, told Business Line. At the meeting, the VAT panel is likely to assess the revenue trends on account of the implementation of the new tax system. Besides deliberating on the price effect of VAT implementation, the VAT panel may also focus attention on the crucial issue of `cash memos'. There are complaints that trade in a number of States are still not issuing VAT invoices for their transactions. As regards the eight non-VAT States, Mr Chandra said that no progress has so far been made on this front. The States are Chhattisgarh, Gujarat, Jharkhand, Madhya Pradesh, Rajasthan, Tamil Nadu, Uttaranchal, and Uttar Pradesh.
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