VAT claims from four States at Rs 521 cr VAT claims from four States at Rs 521 cr Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

« Top Headlines »

Open DEMAT Account in 24 hrs
ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal
GST Rule Changes for FY 2025 26
Income tax return filing 2025: Five ITR mistakes that can trigger an income tax notice in 2025
ITR filing What is updated income tax return and ITR U Who can file & what you can t change - top points to know
Shifted to new tax regime? Here are 5 investments you shouldn't drop
Auditing and Assurance Standards Board Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects.


« SEZs to come under transfer price norms...	`With high tax collections, some concession in rates can be... »
VAT claims from four States at Rs 521 cr

November, 13th 2006
The Centre has, till date, received compensation claims of Rs 521 crore from four States for the revenue losses incurred in the current fiscal on account of VAT implementation. Official sources said that Maharashtra, Karnataka, Tripura and Madhya Pradesh are the four States that have made revenue loss compensation claims. The last to join is Madhya Pradesh, which has claimed about Rs 45 crore for the period April-August 2006. Indications are that there would not be any outgo from the Centre to Madhya Pradesh towards this claim as the latter has made certain deviations from the decisions of the Empowered Committee of State Finance Ministers on VAT.