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: TDS :: due date for vat payment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT Audit :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES
 
 
VAT (Value Added Tax) »
 Is it a modified Value Added Tax?
 GST regime: VAT Commissioner and CBEC to work with businesses
 Amendments in the Second Schedule appended to the Act (Delhi Value Added Tax Act, 2004)
 Guidelines relating to downloading of Statutory Forms-Modification thereof
  Grant of Registration under DVAT & CST
 VAT on petroleum products to continue, to be decided by GST Council
 Government rolls out settlement scheme to clear VAT, CST dues
 Maharashtra government offers VAT benefit to realty buyers
 Govt should focus on income tax instead of VAT
 Amendments in the second Schedule received from Finance Deptt.
 VAT exemption stays in tax reform bill

Karnataka cuts VAT on cotton to 2%
January, 11th 2012

In an attempt to minimise paper work and reduce reimbursement hassles, the Karnataka Government has decided to reduce tax rate to two per cent from five per cent for value-added tax (VAT) on purchase and sale of cotton.

Only a handful of States have adopted online filing for VAT reimbursements and traders and producers were finding it hard to procure Form C from other states. The State Government took the decision following cotton growers and traders demand.

The decision to this effect was taken at today meeting chaired by the Chief Minister, Mr D.V. Sadananda Gowda.

The State Government took this decision to do away with the practice of reimbursement, being practiced at present and returning the three per cent, Mr Lakshman S. Savadi, Karnataka Minister for Co-operation and Agriculture Marketing, said.

Welcoming the tax reduction, Mr B.T. Manohar, Chairman, State Taxes Committee FKCCI, said Reducing to two per cent on cotton in Karnataka will ease the obtaining of declaration From C under Central Sales Tax (CST) Act and relieve dealers claiming refund of three per cent tax paid to the State Government.

Traders and producers were finding it hard to procure Form C from other states claiming for concessional rate of tax in time was blocking their working capital, he added.

Mr Savadi defended hike in milk prices by Karnataka Milk Federation (KMF) and said Rs 2.5 of the Rs 3 hike is being passed on to the farmers.

Referring to onion glut in the market, Mr Savadi said over 2.26 lakh quintals of onion had been procured from growers in the northern districts. A sum of Rs 24.20 crore has been spent on procurement of the commodity from 7,524 farmers.

He said crop loans in drought-hit taluks in the state would be rescheduled for a year and one per cent rate of interest would be charged for the extended one-year period.

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

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