Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: cpt :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: form 3cd :: 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 :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARD :: TDS :: VAT Audit :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
VAT (Value Added Tax) »
  Filing of reconciliation return in form 9 for the year 2016-17
 Govt may send notice to 162 companies; ask for VAT returns
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?

States record jump in VAT collections after note ban
January, 09th 2017

Demonetisation seems to have led to a windfall for states thanks to a spurt in value added tax (VAT) collections since Prime Minister Narendra Modi’s November 8 announcement, according to the latest data.

This appears to undermine the contention that the cash crunch punctured demand after the government invalidated Rs 500 and Rs 1,000 currency notes.

Most states witnessed a sharp increase in sales tax collections, with those of Nagaland, Meghalaya and Jammu & Kashmir surging by 133%, 84% and 82%, respectively.

States record jump in VAT collections after note ban

The combined VAT collections of 23 states, which have provided data to the Centre, was up 18.1% in November, suggesting strong sales. For December, data is available for 17 states and that shows a rise in tax on the sale of goods at 8.9%.

The data substantiates the central government’s claims that demonetisation has had a positive impact on revenue collection.

The Centre’s own revenues were up sharply in November. Among the big states, only West Bengal reported a VAT contraction of 7.84% in December.

Economists however were cautious about making definitive judgements based on the data. “This seems to be largely because traders rushed to get rid of old notes... booked higher sales,” said Abheek Barua, chief economist, HDFC Bank. “It could also be due to the increase in petrol and diesel prices.”

DK Joshi of Crisil described the revenue increase as a blip.

“This jump is due to demonetisation. Traders would have deposited higher taxes to get rid of old currency. They would have collected dues against sales and paid taxes on them,” he said.

Tax collections for a number of states in December continued to show higher growth than October though lower than November. Barua said the move toward cashless payments will have a positive impact on tax collections in long run.

According to VAT collection data for November and December 2016, the manufacturing states of Maharashtra and Tamil Nadu showed growth in both the months over the same period a year earlier. For Gujarat, the other big manufacturing state, data is not available.

Maharashtra’s VAT collections grew 25.99 % in November and 16.73 % in December against 4.74% in October. Tamil Nadu’s VAT collections grew 5.96%, 9.72% and 11% in October, November and December, respectively.

Arunachal Pradesh and Tripura saw a decline in November VAT collections though they had seen a rise in October. West Bengal and Kerala showed lower growth over October. West Bengal's collections fell by about 8% in December. Meghalaya witnessed a decline of 66.41% in December 2016. Uttar Pradesh reported a 16% surge in VAT collections in November and followed that with a 6.9% rise in December.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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