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NEW DELHI, June12

THE Centre and States have decided to set up a joint committee headed by the Finance Minister, Mr Yashwant Sinha, to review the deteriorating fiscal health of States and to suggest measures to improve their fiscal position.

This was decided at a meeting of the Empowered Committee on Value Added Tax (VAT) chaired by the West Bengal Finance Minister, Dr Asim Dasgupta.

Mr Sinha said that the aim was to evolve a system where undue burden was not passed on to any State. The report of the joint committee will be submitted within three months. The recommendations of the committee will be discussed at the Inter-State Council to help evolve a national consensus.

Earlier at the meeting today, Mr Sinha made out a strong case for States to retire their high cost debt, taking advantage of the prevailing low interest regime.

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