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: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARD :: VAT Audit :: empanelment :: articles on VAT and GST in India :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARDS :: due date for vat payment :: list of goods taxed at 4%
 
 
News Headlines »
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)

Maharashtra tops list of 7 States in VAT collections
October, 26th 2007
APs collections double in three years

Maharashtra tops the list in VAT (value added tax) collections in seven States in the South, Western and Central regions with Rs 14,144.42 crore in the first half of the current financial year as against Rs 12,919.71 crore, showing a growth of 9.48 per cent.

Andhra Pradesh, which ranks third in the list after Tamil Nadu, recorded the highest growth of 21.3 per cent by registering collections to the tune of Rs 9,159.62 crore during the period as against Rs 7,551.39 crore in the corresponding period last year.

The increase was Rs 1,608.23 crore or 21.30 per cent, Mr Konathala Ramakrishna, Andhra Pradesh Minister for Commercial Taxes, told Business Line.

Budget target

The State, however, fell short of the budget target by about five percentage points.

Interestingly, the first half figure for the current fiscal equalled the full year collections of Rs 9,649.27 crore in 2003-04. Andhra Pradesh was among the first States to implement the VAT regime in June 2003, which incidentally marked the advent of Congress Government.

Tamil Nadu, a late entrant to the VAT regime, posted the lowest growth rate among the seven States at just 1.56 per cent. It grew from Rs 9,582.72 crore to Rs 9,734.15 crore.

Collections in the other four States (with growth rate in brackets) are: Karnataka - Rs 6,405.19 crore (15.12 p.c.); Kerala Rs 4,264.49 crore (9.33 p.c.); Gujarat - Rs 7,296 crore (18.05 p.c.); and Madhya Pradesh Rs 2,738.41 crore (11.92 p.c.)

Issues

Though VAT collections were up significantly for most States, the thing that bothered them most was lesser growth in petroleum segment.

It is a surprise for us. We even checked with some other States. They are also witnessing a similar trend, Mr Ramakrishna said.

Increase in usage of public transport could be one reason. Also, we have reduced rate of tax by one per cent. Cumulative effect of this resulted in a loss of about Rs 500 crore, he said.

Reduction of CST to three per cent from four per cent (as part of the phasing out plan) too had contributed to the lesser collections. It is estimated that Andhra Pradesh alone lost about Rs 400 crore on this count.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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