The first meeting of empowered committee of finance ministers to discuss the Value Added Tax (VAT) regime has been organised at Bhopal on January 9 and 10.

The meeting will be presided over by Bihar deputy chief minister and chairman of the empowered committee Sushil Modi. Finance ministers of 11 states will be attending the meeting.

The committee will discuss common interests of the states, especially the proposed imposition of service tax on the basis of negative lists of services. Compensation of losses being suffered by states in the wake of reduction in the rates of sales tax by the Union Government and VAT revenue during year 2011-12 will also be reviewed, during the meeting, said an official spokesman.

On the inaugural day on January 9, discussions will be held in the context of the recommendations made by the committee comprising principal secretaries, secretaries and commercial taxes commissioners regarding the concept-paper on negative list of services. Discussions will also be held on the status of the CST compensation of professional tax as well as VAT and non-VAT revenues and other related matters.

On January 10, presentations will be made by various states on best IT practices.

Besides, compounding schemes, audit procedure followed by various states, status of e-return and other issues will also be discussed.The first meeting of empowered committee of finance ministers to discuss the Value Added Tax (VAT) regime has been organised at Bhopal on January 9 and 10.

The meeting will be presided over by Bihar deputy chief minister and chairman of the empowered committee Sushil Modi. Finance ministers of 11 states will be attending the meeting.

The committee will discuss common interests of the states, especially the proposed imposition of service tax on the basis of negative lists of services. Compensation of losses being suffered by states in the wake of reduction in the rates of sales tax by the Union Government and VAT revenue during year 2011-12 will also be reviewed, during the meeting, said an official spokesman.

On the inaugural day on January 9, discussions will be held in the context of the recommendations made by the committee comprising principal secretaries, secretaries and commercial taxes commissioners regarding the concept-paper on negative list of services. Discussions will also be held on the status of the CST compensation of professional tax as well as VAT and non-VAT revenues and other related matters.

On January 10, presentations will be made by various states on best IT practices.

Besides, compounding schemes, audit procedure followed by various states, status of e-return and other issues will also be discussed.