New Delhi: The committee of state finance ministers, the VAT Panel, today decided to seek compensation of around Rs 4,000 crore from the central government on account of the revenue loss suffered by the states due to the reduction in sales tax on petrol, diesel and cooking gas.

West Bengal Finance Minister Asim Dasgupta, who is also the chairman of the commitee, said the states stand to lose revenues of Rs 8,000 crore due to the cut in sales tax in the remaining part of the financial year.

"We would soon meet the Finance Minister P Chidambaram to discuss the issue. At least 50% of the loss should be met by the central government," Dasgupta said.

On the issue of reduction in sales tax of aviation fuel prices, Dasgupta said: "We will seek further data from the civil aviation ministry. The issue will be discussed on the 21st of this month in our meeting in Srinagar."

Dasgupta said the panel would seek clarification from the central government on the policy of fixing the price of petroleum products. The committee also said that the basic price of petroleum products (price before various taxes are added) should be uniform across states.