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
Latest Expert Exchange
« VAT (Value Added Tax) »
 Filing of online return for 4th quarter of 2017-18 extension of period thereof.
 No Cenvat credit admissible on outward transportation services from factory to buyer’s premises
  Filing of reconciliation return in form 9 for the year 2016-17
 Govt may send notice to 162 companies; ask for VAT returns
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 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

Vehicles' sales up in Bihar
November, 11th 2011

The Nitish Kumar government's gamble on taxes has paid off, reconfirming that transparent laws and modest level of taxes yield greater compliance by taxpayers and higher revenues.

After the NDA came to power in Bihar in 2005, it went for simplification and rationalization of value-added tax (VAT). As a result, VAT revenues, which were around Rs 2,200 crore in 2005-06, went up to Rs 5,532.97 crore in 2009-10. The target in 2010-11 was Rs 7,124 crore. However, the receipts fell a little short at Rs 6,685 crore, according to Bihar Chamber of Commerce (BCC) sources.

BCC president O P Sah said the initiative for VAT simplification and rationalization was taken at the highest level. Within weeks of taking over, Nitish and deputy chief minister Sushil Kumar Modi held a 'VAT panchayat' on the BCC premises in December 2005. A decision was taken to remove the anomalies and lacunae in VAT laws which were implemented in the state from April 1, 2005 under the President's rule. It was decided that VAT laws be amended taking West Bengal's as the basis.

"Following easing of tax rates over time, effective tax rate came down. Unaccounted trade through imports from neighbouring states ceased to be profitable, and as a result, tax leakage came down. Despite concessions, tax revenues went up," Sah said.

However, a commercial tax official said preferring anonymity, much of the trade is yet to be brought under the tax ambit. For instance, cash memos are hardly issued in jewellery business where 'kachcha receipt' is the norm. "In fact, only 10% of the trade is under the tax net at present, leaving much scope for boosting tax revenue," he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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