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: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: form 3cd :: cpt :: VAT Audit :: TDS :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: empanelment
 
 
« General »
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits

UP govt extends 100% tax rebate on foreign export
February, 26th 2010

In a major tax incentive to the export sector, UP government, on Thursday, announced to extend 100% tax exemption to those entrepreneurs whose products are exported out of India. Uttar Pradesh is a major exporter of handicrafts, electronic goods and leather goods.

According to a press relese issued by Udyog Bandu, the order will come into effect from April next. A notification in this regard was issued by the state tax and registration department on Wednesday. The order provides for tax relief under the Uttar Pradesh Value Added Tax Act, 2008 on the turnover of direct sale to or direct purchase by manufacturer-exporter of any raw material, processing material, consumable stores, spare parts, accessories, components, lubricants fuel other than petrol and diesel.

Besides, packing materials for use in the manufacture of goods by manufacturer-exporter or in the packing of goods manufactured by him, are also eligible for relief subject to certain conditions.

At present, as per Uttar Pradesh Value Added Tax Act, 2008 tax is payable by manufacturer-exporters on purchase of raw material etc, with the provision for refund of such tax paid within 30 days after payment. This entailed a cumbersome process for the exporters with wastage of precious time and resources.

According to the provisions of the new notification, relief on tax shall be available to only those manufacturer-exporters who submit proof of export of manufactured goods out of India and the selling dealer submits a declaration obtained from manufacturer-exporter on a format prescribed by the Commissioner, Commercial Tax.

If the manufactured goods are not exported out of India, manufacturer-exporter, claiming the benefit under the provisions of this notification, shall be liable to pay the prescribed tax on the purchase of such goods and also interest from the date of purchase of such goods. As a safeguard against misuse of this new facility, penal action under Section 54 of Uttar Pradesh Value Added Tax Act, 2008 and also under Indian Penal Code has been provided.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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