Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: VAT RATES :: cpt :: form 3cd
 
 
VAT (Value Added Tax) »
  Filing of reconciliation return in form 9 for the year 2016-17
 Govt may send notice to 162 companies; ask for VAT returns
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?

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 2017 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