Financial Daily from THE HINDU group of publications
Friday, Jan 20, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 20, 2006 |
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Industry & Economy
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Health Medical implants likely to attract 4 pc VAT in AP Our Bureau
Hyderabad , Jan.19 THE Andhra Pradesh Government is planning to bring hospital activities under the value-added tax (VAT) bracket. Implants such as stents and pacemakers that come under the purview of `sale of goods' would attract VAT. Sources in the Government told Business Line that there is no need for an amendment to include these goods, as the existing definition would suffice. "It is deemed to be in force. The existing law would take care of this," they said. The cost of these "goods" would be deducted from the total bill. Laboratory tests and doctors' fees, which are considered to be services, will not come under VAT. In all likelihood, these items would fall under Schedule IV of the VAT Act, which attracts four per cent tax. The Chief Minister, Dr Y. S. Rajasekhara Reddy, has asked the officials of the Commercial Department to broaden the tax net to increase tax collections. At a review meeting on Thursday, he suggested that that the tax net could include corporate hospitals and film leasers. The department fell short of the cumulative target by Rs 345 crore after taking into account the compensation and receivables from the Union Government. The Chief Minister asked the officials to make up for the lost ground in the last quarter.
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