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: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: VAT RATES :: empanelment :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
VAT (Value Added Tax) »
 15% rise in collectionof VAT for Oct-Nov
 China to simplify tax scheme after switch to VAT
 Cabinet clears key proposals on VAT, regularisation of jobs
 Cases of VAT overcharging flood consumer forum
 State seeks relief from Centre
 Flat rate VAT changes for small businesses explained
 Cenvat Credit Of Additional Duties Of Customs [Cvd] On Imported Coal
 Excise Dept puts VAT refund on fast track
 Consumer fora receive 18 VAT plaints
 Appointment of Assistant VATO - F.3(14)/Fin(Rev-I)2012-13/DSVI/334
 Bio-diesel body seeks VAT relaxation

Low VAT collection on cigarettes hurts contribution to cancer fund
October, 17th 2013

Low collection of value added tax (VAT) on sale of cigarettes in Punjab is talking a toll on the government's campaign to control the incidence of cancer in the state. A major share of the tax levied on the sale of cigarettes is contributed towards cancer relief fund.

Sources said that the state government, through a notification issued on April 30, had made important changes regarding contribution to the cancer relief fund, established in 2011.

The fund was set up to award financial assistance to cancer patients in Punjab to get treatment in empanelled hospitals.

According to the new notification, the state government had made it mandatory for the department of excise and taxation to deposit 33% of total tax levied on sale of cigarettes towards the fund.

"However, since the import of cigarettes from other states had decreased due to very high VAT in Punjab, there is no substantial increase in tax collection as compared to last year. Due to stagnant collections, contribution to the cancer relief fund is not as much as we had expected," said a senior official.

"For the first five months of the current financial year, we were able to deposit Rs 18 crore to the fund. However, had the VAT not been hiked substantially, there would have been more import of cigarettes as compared to last year and hence more contribution to the fund eventually," he added.

Importantly, the fund percentage proportion of contribution through sale of cigarettes was quite high as compared to other sources.

While the government had directed all departments, semi-government institutions and local bodies to contribute 2% of the income generated from sale of their properties to the fund, it had made it mandatory to contribute 1% of the tender amount of all infrastructural projects, costing over Rs 50 crore each.

All societies, trusts, corporations and boards constituted by the state government were also told to deposit 2% of their total income towards the fund.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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