Shillong, Nov 26: The Meghalaya cabinet has approved an amendment to Section 34 of the Meghalaya Value Added Tax (VAT) Act, 2003, aimed at enhancing revenue collection.
Chief Minister Conrad K Sangma said the amendment substitutes the term “bonded warehouses” with “central bonded warehouse”, shifting the VAT collection point to the central bonded warehouse level.
“This amendment will ensure that revenue is collected at one point, reducing leakages and increasing the state’s revenue,” Sangma said, adding that the change is expected to significantly boost the state’s revenue.
