Vat panel to meet on Aug 24
Empowered committee of state finance ministers will meet on August 24 to discuss post-Vat implementation issues, including uniform floor rate (UFR) of tax on bullion. “The committee will meet to discuss the implementation issues that have come up after introduction of Vat,” empowered committee secretary Ramesh Chandra said.
When asked whether the complaint of the Delhi government about shift in bullion trade to Rajasthan and Gujarat because of less tax rate in the two states would be taken up, he said all implementation issues, including this one, would be discussed at the meeting.
Delhi has complained to the Vat panel about less than UFR tax on bullion in Rajasthan and Gujarat because of which the trade on precious items is being shifted to the two states.
Considering Delhi’s complaint, the Vat panel at its meeting on July 9 had decided that all states would impose at least 1% tax on bullion from August 1.
More: financialexpress.com