Search
      Channels
  News
  Home Loans
  Commercial Loans
  Insurance
  Credit Cards
  Calculators
  NRI Center
     Investment
  Mutual Funds
  Stock Research
  Market Tools
  Special Reports
  Fund Focus
  Company Focus
  Sector Focus
  Interviews
     Services
  Greetings
  Message Board
Partners
Home -> Finance -> Full Story
VAT panel to meet FM in mid July to set new roadmap
Thursday, June 19 2003 14:24 Hrs (IST)

New Delhi: The Empowered Committee on Value-added Tax (VAT) will meet the Finance Minister in mid July to discuss the "roadmap" for introduction of the new tax regime, after which it will be taken up with political parties for a national consensus.

"The committee will be meeting in the middle of July. We will meet the Finance Minister also," VAT panel chairman Asim Dasgupta said.

After the meeting, he said the committee would meet major political parties for a nationwide consensus.

"Some of the members of the Empowered Committee will be there," Dasgupta, also the West Bengal Finance Minister, said.

He was non-committal on whether VAT could be implemented in this fiscal.

The contentious VAT had missed the June 1 deadline, with Centre deciding to come up with a "new roadmap" in consultation with political parties and Empowered Committee of state Finance Ministers.

About 11 states, which were earlier prepared to implement VAT from June 1, could not do so as Finance Minister Jaswant Singh opposed a "patchwork" implementation without all states fully prepared for it.

Centre intends to consult the main political parties and VAT panel for coming up with the new progressive tax system, whose introduction was deferred more than three times since 2001.

In its last meeting in Delhi, Dasgupta had asserted that 11 states were ready to introduce the new tax regime, provided they get the Presidential assent to their respective VAT Bills in time.

PTI







Sponsored Links

WQN    Call India for 23 c/m