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: form 3cd :: cpt :: VAT Audit :: articles on VAT and GST in India :: TDS :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS
 
 
VAT (Value Added Tax) »
 15% rise in collectionof VAT for Oct-Nov
 China to simplify tax scheme after switch to VAT
 Cabinet clears key proposals on VAT, regularisation of jobs
 Cases of VAT overcharging flood consumer forum
 State seeks relief from Centre
 Flat rate VAT changes for small businesses explained
 Cenvat Credit Of Additional Duties Of Customs [Cvd] On Imported Coal
 Excise Dept puts VAT refund on fast track
 Consumer fora receive 18 VAT plaints
 Appointment of Assistant VATO - F.3(14)/Fin(Rev-I)2012-13/DSVI/334
 Bio-diesel body seeks VAT relaxation

VAT a relief for textile traders
April, 29th 2013

Ending the prolonged stand-off between the state government and textile traders, Chief Minister N. Kiran Kumar Reddy on Sunday announced that cloth would be exempt from value added tax.

Amidst cheering and slogan shouting by the textile traders, Mr Kiran Kumar Reddy said his government had never intended to trouble the traders but took certain decisions in view of the unhealthy financial scenario in 2010 when he took over as the CM.

The government initially levied five per cent VAT on cloth, but later modified the tax structure, introducing one per cent tax on the total turnover. This did not appease the cloth traders, who went on an indefinite strike last month. The CM caved in and decided to abolish the turnover tax also on Sunday.

Significantly, the Commercial Taxes Department did not make much progress on realising the tax on instructions from the government not to force the issue. “We estimated that revenue could be around Rs 200 crore every year from the turnover tax,” a senior revenue official said. He added the government would also take a decision on waiving the arrears. “Money already realised from the traders, however, won’t be returned,” he said.

Earlier in the morning, representatives of cloth merchants associations met finance minister Anam Ramanarayana Reddy, minor irrigation minister T.G. Venkatesh, textile minister G. Prasad Kumar, and some MLAs, at the Secretariat, and held discussions.

CM earns ‘Mr Clean’ title from traders

Announcing that cloth would be totally exempt from value-added tax (VAT), Chief Minister N. Kiran Kumar Reddy said, “The government was due arrears of Rs 8,000 crore-Rs 9,000 crore since 2008 by the time I took over. We are still doing a tight rope walk with expenditure on welfare schemes crossing Rs 30,000 crore for which mobilisation of revenue is essential.”

Thanking the Chief Minister for the tax waiver, AP Textile Federation president A. Prakash made an offer on behalf of the traders to propagate government schemes. “If the government provides pamphlets and other campaign material on state welfare initiatives, we will distribute these among customers,” he said. He described the Chief Minister as ‘Mr Clean’ for providing transparent and corruption-free governance.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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