Reduction of Central sales tax (CST) ceiling rate from 3% to 2% may happen soon. The Centre and the State Governments will meet on April 8 to sort out the difficult issues on compensation for the revenue losses that may arise to the States from such a move.
According to the source, the Finance Minister, Mr P. Chidambaram, and the Chairman of the Empowered Committee of State Finance Ministers on Value Added Tax (VAT), Dr Asim Dasgupta, are to discuss on the compensation issue here on April 8. Prior to this, the State Finance Ministers are to meet under the aegis of the Empowered Committee. Indications are that the VAT panel would internally discuss this matter before meeting the Finance Minister.
According to the source, the Finance Minister, Mr P. Chidambaram, and the Chairman of the Empowered Committee of State Finance Ministers on Value Added Tax (VAT), Dr Asim Dasgupta, are to discuss on the compensation issue here on April 8. Prior to this, the State Finance Ministers are to meet under the aegis of the Empowered Committee. Indications are that the VAT panel would internally discuss this matter before meeting the Finance Minister.
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