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
Latest Expert Exchange
News Headlines »
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?

Delhi govt simplifies VAT payment procedures
February, 05th 2014

The Delhi government on Saturday decided to simplify the VAT payment procedures for traders while announcing a series of initiatives for the business community.

Chief minister Arvind Kejriwal made the announcements while interacting with various traders and markets organisations of the city at Delhi Secretariat in New Delhi.

"The government is working on a process to simplify the VAT procedure by putting effective and user friendly systems in place. This will help the traders in paying their tax regularly and without any hassle and will also help the government in increasing its revenue without causing any inconvenience to traders, said Kejriwal.

The government has also decided to scrap Audit Report 1 (AR1) which was mandatory for traders with an annual turnover exceeding Rs. 10 crore to file.

A government official said this separate procedure prescribed during the previous government by the VAT authorities was causing unnecessary hardships for traders.

"This report was not only lengthy running into several pages, but also cumbersome to file," the official said.

Besides that, the government also raised the ceiling limit of composition scheme from Rs. 50 lakh to Rs. 1 crore for availing a simplified VAT procedure by small dealers.

"This means that traders with a turnover of Rs. 1 crore will now be eligible to get the benefit of a simplified procedure for calculating the VAT on goods sold by them. The simplified procedure allows small traders to pay one per cent tax on their turnover," explained the official.

The Chief Minister also assured the traders that the government would consider raising the ceiling to exempt small traders from VAT registration. Currently, traders with a turnover less than Rs. 20 lakh do not need to register with VAT authorities.

Kejriwal also said the government intends to reduce human interface between VAT authorities and traders.

"The government plans to discourage random inspections by VAT inspectors to markets and trading organisations," he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 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