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: due date for vat payment :: articles on VAT and GST in India :: TDS :: list of goods taxed at 4% :: empanelment :: VAT RATES :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt
 
 
VAT (Value Added Tax) »
 Govt should focus on income tax instead of VAT
 Amendments in the second Schedule received from Finance Deptt.
 VAT exemption stays in tax reform bill
 Income Tax Appellate Tribunal Bangalore Banches Bangalore 'A' Bench DB Case Causelist for The Week from 22-05-2017 To 25-05-2017
 Amendments in Second schedule appended to Delhi Value Added Tax Act, 2004
 Haryana govt exempts solar devices from VAT net
 Court rules out VAT on Paradise equity transfer
 VAT gone but riddle of derivatives traded on commodity exchanges lives on
 Rule 2(L) Of Cenvat Credit Rules, 2004 Amended
 Haryana govt exempts solar equipment from VAT
 AP to push for same benefits under GST for VAT exempted goods

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 2017 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