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 :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: empanelment :: form 3cd :: ACCOUNTING STANDARDS :: VAT Audit
VAT (Value Added Tax) »
 Haryana govt exempts solar equipment from VAT
 AP to push for same benefits under GST for VAT exempted goods
 Andhra Pradesh to push for same benefits under GST for VAT exempted goods
 Petrol prices set to rise in Goa with increase in VAT
 Payment systems to remain open on all days from March 25, 2017 to April 1, 2017
 Delhi cuts VAT on ATF to 1% for regional flights; other states to announce the same soon a
 Shops cannot charge VAT on discounted items: Consumer forum
 Delhiites have to pay lowest taxes as AAP govt announces cuts on VAT on various items
 Tamil Nadu minister justifies VAT hike on fuel
 State Government urged to withdraw hike in VAT on petrol, diese
 High VAT may encourage illegal trading

900 business houses contributed 90% of Rs 14,000cr VAT in FY 12-13
November, 15th 2013

About 900 business units in Punjab contributed to 90% of value added tax (VAT) generation even as it ended at a higher value than the previous year at Rs 14,544 crore for FY 2012-13, leaving much scope for the cash-starved Akali Dal government to improve its financial situation.

According to the list, a massive 91,889 dealers in Punjab are paying "zero" VAT and have been categorized as nil tax payers. The data was shared at the felicitation ceremony to honour VAT contributors held here.

"My father and I are indebted to you 90% taxpayers, who have taken away a large burden out of us and because of whom we are here," Punjab deputy chief minister Sukhbir Badal told the conference.

Over 190 top VAT contributors from segments like electronic goods, packaged good, textiles, agro industries, etc., were given away awards at the ceremony.

Indian Oil Corporation emerged as the biggest taxpayer in the state with a contribution of Rs 2,367 crore, followed by Asia's largest marketing cooperative, Markfed, which contributed Rs 458 crore. The third in the list was 2012-inagurated HPCL-Mittal Energy Ltd at Rs 375 crore.

Only those industries which have generated Rs 5 lakh or more sales of any commodity are supposed to contribute to VAT collection.

Badal junior also annouced single stage taxation policy 2014 which will cover white goods such as TV, fridge, washing machine, microwave oven, aerated drinks and fast moving consumer goods marketed by MNCs.

Besides the new VAT policy, three insurance policies have also been introduced for business units -- life, health and fire insurance, with a cover of Rs 50,000, Rs 2 lakh and Rs 5 lakh respectively.

A voluntary disclosure scheme (VDS), that will allow defaulters to submit tax even after claiming concessional rate, was also introduced as part of the new policy.

The new VAT 2014 policy will exempt all purchases made by Darbar Sahib, Harimandir Sahib, Kuka Memorial Trust, Pingalwara Ashram, Amritsar and Devi Talab Mandir, Jalandhar.

The list of exempted items included rice bran, husk, Punjabi jutti and household items.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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