Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TDS :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: articles on VAT and GST in India :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment
 
 
VAT (Value Added Tax) »
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
 New tax structure not higher than VAT
 Cos will be reimbursed for exemptions that currently exist in the VAT regime
 GST will get states more than VAT
 Is it a modified Value Added Tax?
 GST regime: VAT Commissioner and CBEC to work with businesses

Maharashtra raises VAT on auto fuel, diamond and gold jewellery
October, 01st 2015

The Maharashtra government on Wednesday decided to increase value-added tax (VAT) on petrol and diesel, gold and diamond jewellery, cigarettes, alcohol and soft drinks from October 1 for the next five months.

The increase in VAT on petrol and diesel is Rs 2 a litre. At the same time, the Bharatiya Janata Party-led government headed by Chief Minister Devendra Fadnavis waived the local body tax on petrol and diesel. This move, the state government claimed, would make the burden on vehicle users marginal.

While the VAT on cigarettes, alcohol and soft drinks has been raised by five per cent, the same has been increased to 1.2 per cent from one per cent on gold and diamond jewellery.

The government hopes to mobilise Rs 1,600 crore from the tax hike, which will be used for relief and rehabilitation measures in Maharashtra’s drought-hit districts.

Maharashtra Finance Minister Sudhir Mungantiwar defended the VAT rise on petrol and diesel saying it was necessitated as the state was incurring a monthly loss of Rs 300 crore due to fall in auto fuel price largely due to reduction in global crude oil prices. The government has already abolished local body tax on traders with an annual turnover of Rs 50 crore.

The state government’s move comes at a time when there are concerns that the revenue deficit, currently estimated at Rs 3,757 crore, would be higher than Rs 7,500 crore by the end of 2015-16 due to burgeoning expenses and a fall in revenues due to a slump in the economy.

Meanwhile, Ashok Minawala, director of All India Gems & Jewellery Trade Federation, said the government’s decision would encourage illegitimate business with jewellers as they would prefer to deal in cash to showing sales on their books of account.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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