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World Business News |
Chennai News
Thursday, March 31, 2005 (Chandigarh):
Maruti Udyog Ltd is not worried about VAT, for according to
company sources, it has been living under the system for a
while, when Haryana adopted a VAT-like system in 1988.
It's now been two years since the tax system was formally
launched in the state.
VAT allowed Maruti to get tax refunds on all inputs, as long
as they were sourced from inside Haryana.
Shifting base
And so, most of its suppliers started shifting base to
Haryana to ensure that Maruti keeps buying from them.
Among them, Mitsubishi Electric Automotives, which supplies
electricals to Maruti, has moved from Chennai to Haryana, to
keep its biggest client.
Car air-conditioner maker, Subros Ltd., which also gets the
maximum business from Maruti, has bought land in Haryana,
post VAT.
It is now building a state-of-the-art factory to increase its
capacity from the present five-lakh units annually.
There are a number of other smaller suppliers who have also
moved to Haryana, to get the VAT advantage.
However, Maruti will need to pay a marginally higher VAT rate
from April 1. But company sources say that it has already
been factored in, in its proposed price hike from the first
of April.
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