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: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: TDS :: cpt :: empanelment
 
 
« VAT (Value Added Tax) »
  Grant of Registration under DVAT and CST
 Taxpayers Face Big Financing Costs From VAT Bill 2017
 VAT returns: Relief for traders as UT allows old form
 Gov’t agrees to retain VAT exemptions of seniors, PWDs Read more: https://business.inquirer.net/223121/govt-agrees-retain-vat-exemptions-seniors-pwds#ixzz4W5NV2I48 Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
 Understanding VAT refunds
  Note ban got Maharashtra govt an extra ?125cr from fuel VAT
 Note ban got Maharashtra govt an extra ?125cr from fuel VAT
 Higher tax mop up reflects no slowdown post demonetisation, says Arun Jaitley
 Traders transition from VAT to GST
 FM Arun Jaitley defends note ban with jump in tax numbers
 States record jump in VAT collections after note ban

State alters VAT rates
December, 08th 2011

Tobacco products, high-end mobiles get dearer.

In a significant restructuring of Value Added Tax (VAT) rates, the Orissa government on Wednesday announced a hike in tax rate on tobacco products from the existing 13.5 per cent to 25 per cent, a move that is set to enrich the state exchequer by Rs 50 crore per annum.

Besides, unmanufactured tobacco, biri and tobacco used in manufacture of biri which were earlier exempted from VAT will come under tax net as the state has decided to levy 10 per cent tax on such items. The move to raise VAT on tobacco products has been necessitated by similar tax hikes already introduced by neighbouring states and also factoring in increasing health risk posed by tobacco consumption. This enhanced tax rate will be applicable with immediate effect and a notification will be issued on Thursday by the state government, state minister for finance and public enterprises, Prafulla Chandra Ghadai told newspersons here.

Apart from raising VAT on tobacco products, the state finance department has also decided to lift input tax credit on coal used by thermal power plants. Following lifting of credit, the department hopes to gain Rs 50 crore per year. It has also been decided to raise VAT rate of cellular handsets costing Rs 5,000 and beyond from four per cent to 13.5 per cent.

The items on which the state finance department has decided to ease VAT rates include excavators, bulldozers, back loaders, glass sheets, plywood, laminated sheet, particle board and structural steel. These products would now be levied VAT at the rate of four per cent from 13.5 per cent. It may be noted that the Hota committee, an expert committee formed by the state government to suggest revenue enhancement measures, had recommended hike in base VAT rate in the state from four per cent to five per cent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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