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: form 3cd :: list of goods taxed at 4% :: VAT Audit :: VAT RATES :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: cpt :: TDS :: ACCOUNTING STANDARD :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
VAT (Value Added Tax) »
 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
 HC seeks Delhi, centre reply on restaurants charging excess VAT, service tax
 Shakti Autos booked for evading VAT, bogus sales
 VAT sops to IOCL Paradip refinery hits Odisha revenue growth
 Government to announce new VAT rates in October
 World Wide Gst, Vat, Sales Tax Rate
 Article on Transition Process of Registrations under VAT / Service Tax Laws to GST Law

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 2016 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