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 Industry & Economy - Taxation


Compensation for VAT: Rs 274 crore disbursed to Kerala

K.R. Srivats

New Delhi , Dec. 25

THE Finance Ministry has disbursed a sum of Rs 274 crore to Kerala towards compensation of the tax revenue losses of the State for the months of August to November this year on account of value-added tax (VAT) implementation.

Kerala had sought a compensation of Rs 290 crore for the period . "There were some deviations. It is for this reason the settlement amount is lower than the amount claimed by the State," sources said.

With this settlement, the Centre has so far disbursed Rs 1,301 crore to various States towards compensation of tax revenue loss on account of VAT implementation. As many as 24 States and Union Territories have till date implemented State-level VAT. In this year's Budget, the Centre had made a provision of Rs 5,000 crore towards compensation for loss of tax revenue on account of VAT implementation.

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