VAT panel to meet on July 9
mpowered Committee on value added tax will meet on Saturday to take up the issues arising after three months of implementation of the new tax system by 21 states, including compensation formula for any losses incurred by states due to VAT.
“We will meet on July 9 to discuss implementation issues relating to VAT,” Empowered Committee member secretary Ramesh Chandra said.
To a query on reported inability by states to comply with the directive of VAT panel to provide commodity-wise revenue collection data to calculate the compensation package, Ramesh Chandra said no state has told him so.
Though it may be difficult to provide commodity-wise revenue collection data, it is always possible to have classification-based data, he said.
“There may be a number of commodities, say in grocery, and to provide for revenue data for each commodity may be difficult task. But such data for grocery can be provided,” the VAT panel secretary said.
Besides compensation formula, impact of new tax system on prices and ways to make VAT more consumer-friendly would also be discussed, he said.
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