The empowered committee on value-added tax (VAT) today endorsed the Centre's stand to implement the new tax regime after arriving at a "national consensus" on the issue with major political parties shortly.
Today's secretary-level meeting, attended by Chairman Asim Dasgupta and three state finance ministers, also delved on the peripheral issues to be sorted out by the states prior to the meeting with Finance Minister Jaswant Singh over the next few days.
"The introduction of VAT is a major decision for the country. When we introduce it, we want the acceptance to be total," Dasgupta said after the meeting.
Declining to set any new deadline, Dasgupta said the VAT panel would meet the finance minister within a fortnight to set the date for the meeting with major political parties.
"The timing and details about the implementation of VAT will be worked out only after the discussion with the political parties," he said.
The states' request for a partial introduction of VAT was earlier rejected by the Centre.
After the June deadline could not be adhered to, the Centre had said it was against the "patchwork" approach of states in phasing out the central sales tax as well as the compensation issue for revenue loss after VAT.
Dasgupta claimed that 22 states had sent in their VAT Bills to the Centre for the President's assent.
"But some amendments are required," he admitted. Although seven states were ready with their VAT Bills, others backed out after the Centre pressed for a holistic approach to the implementation of the new system.
VAT issues
