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Maharashtra
Maharashtra's VAT claim may be Rs 1,800 cr
K.R. Srivats
New Delhi
,
March 13
Maharashtra has made an aggregate compensation claim of Rs 1,406 crore to the Centre for the shortfall in tax revenues recorded by the State in the first 10 months of the current fiscal on account of implementation of State-level VAT from April 1, 2005.
"For the first 10-month period (April-January) period, our claim has been Rs 1,406 crore. We have already received about Rs 259 crore for the first quarter (April-June). We expect the overall compensation claim for the year to be at least Rs 1,800 crore," Mr B.C. Khatua, Maharashtra's Sales Tax Commissioner, told Business Line here.
As per the revenue projections arising from the compensation formula, Maharashtra is to achieve revenue of Rs 13,500 crore during the fiscal 2005-06 from items under VAT, as against Rs 10,800 crore recorded for the same items in 2004-05 under the erstwhile sales tax regime.
Meanwhile, official sources said the State was yet to conform to certain documentary requirements and therefore its second set of claims has so far not been processed.
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