Financial Daily from THE HINDU group of publications
Tuesday, Jan 31, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 31, 2006 |
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Government
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Policy Industry & Economy - Taxation Agri-Biz & Commodities - Precious Metals 4 States agree to fix VAT on bullion at 1 pc Our Bureau
New Delhi , Jan. 30 CONSUMERS of gold in Gujarat, Rajasthan and Uttar Pradesh may have to pay more for their purchases in the coming days. The four States of Delhi, Gujarat, Rajasthan and Uttar Pradesh on Monday agreed to peg their value-added tax (VAT) rate or sales tax rate on gold at 1 per cent, which is the uniform floor rate (UFR) agreed upon by all States under the aegis of the Empowered Committee of State Ministers on VAT. This move would come as a relief for Delhi, which had cried foul over gold trade diversion to Rajasthan, Gujarat and Uttar Pradesh. The problem for Delhi was that the other three States were not adhering to the UFR principle in respect of gold and had pegged their rates much below the 1 per cent level. Briefing newspersons about the agreement between the four States here, Dr Asim Dasgupta, Chairman of the VAT panel, also said that the Empowered Committee would soon submit a note to the Finance Ministry on the proposal relating to compensation for central sales tax phase-out.
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