Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

Tobacco may come under VAT from next fiscal
December, 13th 2006

Tobacco may come under VAT as part of a compensation package, asked by states from the Centre, for revenue loss due to the proposed phase out of Central Sales Tax from April one, 2007.

VAT panel on Tuesday decided to ask the Centre a compensation package, including powers on service tax, authority to levy VAT on imports and certain items under Additional Excise Duty and relaxation on 'declared goods' to enable states to go for reduction in CST from next fiscal, panel Chairman Asim Dasgupta told reporters.

The Panel also demanded budgetary support if its fiscal demand falls short of revenue loss due to CST phase out, Dasgupta said. CST, levied at four per cent on inter-state sale of goods, is projected to to fetch Rs 25,000 crore to states from 2007-08.

Though he did not mention which items from additional excise duty (AED) ambit the panel want for the purpose of VAT, sources said the Empowered Committee has decided for tobacco. Besides tobacco, textile and sugar fall under the AED net.

Sources said though the Centre may not agree to all the demands of the panel, tobacco may easily be transferred to the VAT list as it was on the states request that the three items were transferred from sales tax to AED.

VAT panel would meet Finance Minister P Chidambaram in the first week of next month on states' demand for compensation package and anything concrete can only be announced after that meeting, Dasgupta said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting