Budget 2002: VAT replaces GST and NSL
[March 23, 2002 - 8.00 GMT]

The UNF government’s first budget presented in Parliament Friday, seeks to abolish the Goods and Services Tax (GST) and the National Security Levy (NSL) and replace it with a two-tiered Value Added Tax (VAT) - 10% for essential goods and services and 20% for others. The VAT would be introduced from June 1, this year. 

“The overall budget deficit of 152.2 billion will be bridged by procuring Rs. 5.5 billion from foreign grants, Rs. 14.5 billion from net foreign borrowings, Rs. 123.6 billion from net domestic financing and Rs. 8.6 billion from divestiture proceeds,” Finance Minister, K. N. Choksy said presenting the budget.

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Last Updated Date: March 23, 2002  - 8.00 GMT.