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 :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: form 3cd :: VAT Audit
 
 
News Headlines »
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months

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 2017 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