Thiruvananthapuram, Apr 01: Kerala will put in place value-added tax system from today, despite the fact that procedures for the implementation of the new system have not been completed yet, according to finance minister Sankaranarayanan. He told reporters earlier that Kerala and other south Indian states are going to implement VAT from today.
He said there were enough provisions in the VAT Bill to address the concerns and complaints that had been voiced so far.
The Centre had promised to compensate 100 per cent of the revenue loss that the state might incur due to the change in tax system in the first year, 75 per cent in the second year and 50 per cent in the third year, Sankaranarayanan said. Bureau Report