Maharashtra Iron, Steel Traders Not To Pay VAT From April

Mumbai, May 7: | Updated: May 8 2003, 05:30am hrs
Iron and steel traders in Maharashtra feel they have been singled out in the controversial value-added tax (VAT) matter and, accordingly, have decided to boycott the payment of the same from April 1, 2003. The state govt had levied four per cent VAT on trading of these products since October 2002 even when the govt was awaiting further signals from the Central government to apply the same on other products.

Given the controversies surrounding VAT, it is not applicable to any other products in the state. However, since VAT was applicable on experimental basis on iron and steel products since October 2002, the state government has maintained that any review in this regard would be done only when the final decision on VAT would be taken.