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Rajya Sabha
Government have decided to off-set the losses suffered by State Governments on account of VAT introduction. Central Government would provide 100% compensation to the States in the year 2005-06, 75% during 2007-08 for loss, if any, on account of introduction of VAT. State wise annual financial burden on the Central Government shall be known only after VAT is actually implemented by the State Governments.
This information was given by Shri S.S. Palanimanickam, Minister of State for Finance in reply to a question by Shri Rajkumar Dhoot in Rajya Sabha today.
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