Financial Daily from THE HINDU group of publications
Saturday, May 14, 2005

News
Features
Stocks
Port Info
Archives
Google

Group Sites

Industry & Economy - Taxation


Cos asked to adjust MRPs to post-VAT

Our Bureau

Hyderabad , May 13

THE Empowered Committee on VAT (value-added tax) has asked corporate houses to adjust the MRPs (maximum retail prices) taking rates in the new tax regime into consideration.

Referring to the incidences of not reducing the prices (where it was due) in the post-VAT scenario, Dr Asim Das Gupta, Chairman of the committee and West Bengal Finance Minister, said this practice could not continue any further.

Addressing a press conference here on Friday, he said some corporate houses had given in writing that they would comply with the norm soon.

The committee would monitor the retrial prices every month. Dr Gupta was in the city to hold "internal discussions with the Finance and Revenue Ministers and officials" with regard to the implementation of VAT. "We are holding similar discussions with all the State Governments," he said.

He said each State had its own specific problems. "This has been the experience in other countries as well," he said.

The committee was to review the implementation of VAT after three months of its launch on April 1.

He said the committee was confident that the problems would be sorted out through discussions.

He said the dealers in footwear and coffee trade faced some genuine problems in Andhra Pradesh. "We will discuss these," he said.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page


Stories in this Section
On the job


ISMA seeks long-term demand for ethanol supply — Suggests changes to Petroleum Ministry in MoU on pricing
Non-conventional energy policy for Maharashtra soon: Minister
We're pro-farmer, pro-poor: YSR
Marginal rise in biz confidence index
Cong Govt completes a mixed year in office
Inflation declines on drop in food prices
`Laggard States must focus on performance'
IL&FS, McKinsey to draw Jharkhand minerals, farm sector roadmap
Kerala units complying with pollution norms: SC panel
BIMSTEC free trade agreement — Inter-ministerial group to finalise `negative list'
ADB may fund development project in north Karnataka
Jessop still BBUNL arm in Web site
GAIL-IOC in pact for gas supply in Lucknow, Agra
`Synergy in energy committee report to be ready in 4 weeks'
Aiyar rules out immediate hike in petroleum product prices
Penalty collected from spurious drug makers to be paid to patients
PowerGrid plans IPO in Sept — Likely to offer 10 pc equity
Maharashtra's decision on free power hailed
Govt may extend deadline for SEB unbundling
SAIL's Raw Material Division to raise production
Help Centres for small taxpayers to be made functional from July 1
Grace period for VAT returns in Kerala
Service tax crucial for achieving FRBM goals
Cos asked to adjust MRPs to post-VAT
`MRP to remain VAT inclusive'
`Notification on uniform 2 pc CST to be issued soon'
Sisspa bullish on domestic market
Chinese textile exports to US dive 21 pc in March
`Banks must recognise credit rating of SSIs by independent agencies'
Bill in LS to raise SSI investment cap to Rs 5 cr
UPS Jetair Express unveils tech-based tools for SMEs
German fair `an eye-opener for Tiruchi SSI units'
AP, Maharashtra differ on Godavari water usage
Swiss prof to decide on Baglihar project
Coal shortage hits Rlys' freight movement plans
Investment programme from CNBC-TV18
Car sales up 13.6 pc in April; CVs down 15 pc
FICCI plans to boost housing, real estate via regulatory norms
Bengal chamber's `classic' touch to lounge-cum-bar
India Knit Fair ends at Tirupur
AP Tribal body opposes bauxite mining plan
PRSI Mangalore-Manipal chapter to conduct lecture
PRSI Hyderabad chapter to organise meet
An undeserved denial
TDB to receive entire cess on technology imports by 2006-07
IFAD lines up $30-m rehab plan for tsunami-affected areas
Kochi-based NGO plans to train public in disaster management
Long wait ahead for US tourist visa applicants
SAIL chief's role may be examined in coal purchase deal


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line