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: Central Excise rule to resale the machines to a new company :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT RATES :: ACCOUNTING STANDARD :: empanelment :: form 3cd :: articles on VAT and GST in India :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARDS
VAT (Value Added Tax) »
 Excise Dept puts VAT refund on fast track
 Consumer fora receive 18 VAT plaints
 Appointment of Assistant VATO - F.3(14)/Fin(Rev-I)2012-13/DSVI/334
 Bio-diesel body seeks VAT relaxation
 HC seeks Delhi, centre reply on restaurants charging excess VAT, service tax
 Shakti Autos booked for evading VAT, bogus sales
 VAT sops to IOCL Paradip refinery hits Odisha revenue growth
 Government to announce new VAT rates in October
 World Wide Gst, Vat, Sales Tax Rate
 Article on Transition Process of Registrations under VAT / Service Tax Laws to GST Law
 Filing of online return for first quarter of 2016-17 - extension of period thereof.

Meltdown takes toll on VAT collections in UT
January, 10th 2009

Economic slowdown seems to have forced city residents into reworking their household budgets, as indicated by a dip of over 30% in value added tax(VAT) collections on sale of costly goods during the year-end festive mood in 2008.

According to figures compiled by UT excise and taxation department, sales of electrical appliances in Chandigarh registered a drastic decline as compared to 2007. Similarly, people put off plans to buy new cars in 2008-end as revealed by a dip over 25% in VAT. Total tax collection in October reduced to Rs 5 crore, sources said.

Even though sales of automobiles do go down every year-end as buyers prefer to wait for the date of purchase to be in the New Year to get a new series registration number and better resale value, the sales were better in 2007 as Diwali fell in November and festive buying persisted, an official said. With plans to construct or furnish houses being shelved, sales of sanitaryware, besides marble, also came down substantially. Tax collection from costly furniture has also nosedived in the city and sales were expected to improve in the coming months, the official added.

Interestingly, despite the discouraging trend, total tax collection of the department for the financial year 2008-09 is witnessing an upsurge so far. From July 1, 2008, all VAT returns are being received through the Sampark centres. Previously, receipt of VAT returns was handled by the department itself but due to shortage of staff as well office space, there used to be huge rush of visitors in E and T office, he said.

Receipt of returns was being handled manually, which resulted in delay in encashment of cheques. It was difficult to compile the tax collections for each ward separately and ascertain the increase/decrease in tax collections. Moreover, there was difficulty in monitoring the dealers, in the absence of records relating to return defaulters, he said.

Also, an awareness campaign has been launched through the media wherein consumers are educated for forcing dealers to issue bills/cash memos so that tax compliance can be improved further. Similarly, tax enforcement has been strengthened. Roster has been prepared whereby two ETOs along with their supporting staff are on enforcement duty daily.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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