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: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TDS
« 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

UP reduces Value Added Tax on common items
March, 29th 2011

The Uttar Pradesh government today reduced Value Added Tax (VAT) on several items of common use, besides announcing a scheme to benefit tax defaulters.

VAT has been reduced from 12.5 per cent to 4 per cent on motorised and non-motorised three-wheelers used by physically challenged, bicycle, tricycle and 10 horsepower (HP) diesel engine.

A state cabinet meeting chaired by chief minister Mayawati approved the proposal. The state government has sought to rationalise the tax structure in Uttar Pradesh for the benefit of various sections of society, including farmers, common man and traders, cabinet secretary Shashank Shekhar Singh said briefing the media here this evening.

Although, VAT rates have been reduced, the government expects tax revenue to increase by Rs 212 crore with its decision.

The settlement scheme for small-time traders with annual turnover of up to Rs 50 lakh has been simplified and now they could avail of the scheme round the year.

Besides, traders holding valid registration would be given an insurance cover of Rs 4 lakh.

Now, the 5 per cent tax on the sale of second hand vehicles have been recast as Rs 3,000 and Rs 5,000 flat tax for vehicles up to 1,000 cc and of higher capacity, respectively.

All the forms required by traders for paying tax would be available online, he informed.

Traders have been given time between May 1 to July 31 for resolution of their tax dues. The assessment system for cable television networks and water/entertainment parks has been rationalised for onetime resolution.

For outstanding tax dues, the penalty would be waived and 50 per cent rebate would be given on the interest amount. These decisions have been taken after discussions with the respective traders associations to their satisfaction, Singh 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 - Our Team

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