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 :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: articles on VAT and GST in India
 
 
News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

VAT: Ministry not keen to agree to TN request
November, 11th 2006

The Finance Ministry is not inclined to accede to the request of the Tamil Nadu Government that the State should receive 100 per cent compensation on the revenue loss from VAT implementation during the calendar year 2007.

Tamil Nadu is planning to implement State-level VAT from January 1, 2007. Official sources said that the State had suggested that the VAT compensation formula should be applied and counted from January 1, 2007 the date of its implementation.

"I don't think at this stage it is possible. As of now, there is no decision to change the compensation formula. The Centre has always taken the position that the revenue loss compensation for VAT implementation would be available for fiscal 2005-06, 2006-07 and 2007-08 at 100 per cent, 75 per cent and 50 per cent, respectively, of the revenue losses. It was never based on first year or second year or third year of implementation," sources said.

Earlier, a similar request from the States-ruled by the Bharatiya Janata Party was turned down by the Centre.

Indications are that Tamil Nadu would suffer revenue loss in its first year of VAT implementation, as its existing sales tax rates are somewhat on the higher side (higher than the 12.5 per cent rate in VAT system).

Meanwhile, Madhya Pradesh has made a revenue loss compensation claim of Rs 45 crore for April-August 2006.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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