Despite being the first year of Vat implementation, the Vadodara district has surpassed the target of the collection set for the fiscal 2006-07.
Speaking to FE, Harish Thakkar, joint commissioner, commercial tax department, said that the Vat income from seven districts that fall under the Vadodara division stood at Rs 2,300 crore in the first year of its implementation.
Despite some difficulties during the Vat collection, the division has surpassed its target of Rs 2,200 crore set for the fiscal 2006-07.
Petronet LNG and Oil and Natural Gas Corporation (ONGC) have significantly contributed to the income of the division. Petronet LNG and ONGC had paid Rs 600 crore and Rs 338 crore, respectively.
In addition, the Gujarat state government owned companies like GSFC, GACL and GNFC have also made noticeable contribution to the total Vat income .
Talking about the next years target, Thakkar added that the Vadodara division hopes to achieve Vat collection of around Rs 2,650 crore during 2007-08.