Haryana's VAT collection and luxury tax registered 27.48 per cent
December, 14th 2010
Fueled by an overall industrial growth particularly in the auto and hospitality sector during the recent Commonwealth Games , Haryana's VAT collection and luxury tax registered 27.48 per cent and 106 per cent growth, respectively in first six months this fiscal.
By witnessing buoyancy in revenue collections, the state is now set to cross the targeted revenue collection of Rs 14,059 crore by this fiscal end, a senior official of Haryana Excise and Taxation Department said.
Value Added Tax (VAT) collection in the state touched the Rs 5,821.92 crore mark till October against a collection of Rs 4,567 crore in the corresponding period last fiscal, a senior official said.
"Over 27 per cent growth in VAT collections indicates that the state's industrial sector has come back on track after facing recessionary phase. The growth in VAT revenue has mainly come from the booming automobile sector which has broken several records in terms of sales," he said.
Haryana is a home to well-established automobile companies like Maruti, Hero Honda etc. The state currently produces two third passenger cars, 50 per cent tractors and 60 per cent motor cycles of the total domestic production.