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 :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: form 3cd :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company
VAT (Value Added Tax) »
 Cenvat Credit Of Additional Duties Of Customs [Cvd] On Imported Coal
 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

Against additional VAT surcharge
January, 25th 2010

The Punjab government's decision regarding imposition of 10% surcharge on VAT in addition of entry tax has not gone well with city industrialists.

While the government aims to fetch a revenue of Rs 4,000 crore from it, industrialists reason that they would be burdened with additional taxes as already the industry is reeling under power and labour crisis.

Mahinder Aggarwal, general secretary, Punjab Beopar Mandal, said, "The two-member committee formed by Punjab government to suggest new sources of revenue, has recommended increase in VAT from 4 to 5% and additional VAT in lieu of octroi, which will not only hit the industrialists but also the common man as prices of all necessary commodities will increase."

Aggarwal added that they would be organising a meeting with all district representatives to decide when to file a writ petition against the government.

Echoing a similar view, PD Sharma, president, Apex Chamber of Commerce and Industry, said, "The additional surcharge over VAT will lead to more problems for industrialists and we strongly criticize the move."

Talking on similar lines, Vinod Thapar, president of Knitwear Club, said it would be very difficult for the industry as the additional burden would be borne by industrialists.

On the other hand, supporting the move, VK Goel, CEO, Vardhman, said, "The surcharge will definitely have an impact on the cost and will be burden for the industrialists, but if it really helps development of the state then it is a commendable move."

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

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