ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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CENTRE-STATE FINANCES-Finance Commission s Task

unduly high, (3) gradual reduction in the rates to between 10 and 20 per cent for all goods that would be covered by VAT system , (4) extension of MOD VAT credit to all inputs that are used in the production of, or are incorporated in, taxable commodities except for office equipment, accessories and furniture, building material and a few other, items, (5) extension of MODVAT credit to machinery, not fully at the time of purchase but in instalments during a period of years to be prescribed in the law, and (6) extension of VAT to the more important services used by the producing enterprises.

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