« Top Headlines » Open DEMAT Account in 24 hrs  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know «  Face value: Tax reformer par excellence... Direct taxes up 40%, FM non-committal on tax moderation... » UP introduces Value Added Tax January, 02nd 2008 Roll out of Value Added Tax (VAT) in the country became complete, with Uttar Pradesh adopting the new tax system that has made 91 items including kerosene, milk and medicines cheaper on account of reduced rate of levy. VAT, which replaces the existing sales tax, was introduced in April 2005. While a majority of the states switched to VAT, some states held out. They have all since adopted VAT. "Keeping in view the needs of the common man, tax rate on 91 items like kerosene, milk and medicines have been reduced under the VAT," Uttar Pradesh Chief Minister Mayawati told reporters here. Uttar Pradesh Governor T V Rajeswar had, yesterday, promulgated an ordinance for implementation of VAT, which was rung in today amid protests by traders who took part in a shutdown of markets. Finance Minister P Chidambaram congratulated the UP government for introducing VAT and "wish them success." Mayawati termed the implementation of VAT as a historic step that would help the common man get essential and quality items at minimum prices. The Chief Minister expressed confidence that with the introduction of VAT and aligning the state's tax structure on par with others, illegal transportation of goods will be curbed and all sections of people would benefit. 'Chikan' clothes, baranasi sarees and handloom items have been exempted from VAT, besides all varieties of seeds and agriculture equipments. Tax rate has also been reduced on chemical fertilizers, insecticides, pesticides, water pumps, tractors and tractor-trolleys and items used in information technology. Mayawati asked manufacturers and the traders to pass on the benefit of this tax reduction to the consumers.