Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT RATES :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT Audit :: empanelment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4%
 
 
News Headlines »
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS
 NRIs having only investment income may not file tax returns
 With income tax returns filing deadline near, here are 3 major things to do before March 31
 When public becomes tax gatherer

Govt, approves VAT refund in two tax free UTs
October, 27th 2007

The government on Thursday approved refund of value added tax (VAT) it had collected from
industries in two union territories -- Daman and Diu, and Dadar and Nagar Haveli, which enjoy tax holiday.

"The Union Cabinet gave its approval to the promulgation of the Daman and Diu VAT (Amendment) Regulation 2007 and the Dadra and Nagar Haveli VAT (Amendment) Regulation, 2007 by the President under article 240 of the Constitution," Information and Broadcasting Minister Priyaranjan Dasmunsi said.

He said the measure will enable the government to refund the net negative tax to the assesses faster and also simplify the procedure.

The industrial units in these UTs already enjoy tax holiday under the government's scheme to encourage new investment in industrially underdevelopment regions.

"After the implementation of VAT in 2003, the units were forced to pay 4-12.5 per cent tax on raw material bought from the market, but they could not recover the same as they sold their goods at zero duty rate," said a Finance Ministry official.

He said after the Cabinet decision will enable the companies to get refund of these taxes. A large number of electronic and FMCG manufacturing units have been set up in these tax havens.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions