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: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TDS :: VAT Audit :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: empanelment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
VAT (Value Added Tax) »
 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
 HC seeks Delhi, centre reply on restaurants charging excess VAT, service tax
 Shakti Autos booked for evading VAT, bogus sales
 VAT sops to IOCL Paradip refinery hits Odisha revenue growth

VAT collection target, fails to meet
May, 15th 2009

Call it the recession effect. For the first time since value-added tax was introduced three years ago, Gujarat has failed to achieve the revised VAT target of Rs 17,123 crore for fiscal 2008-09.

Incidentally, VAT has the largest contribution to the state when compared to other taxes.

According to latest official figures made available by the state finance department, Gujarat's value-added tax (VAT) income rose by just 10.25 per cent in 2008-09, to Rs 16,652.99 crore. In 2007-08, the state's VAT incomes rose by 17.84 per cent to reach Rs 15,104.54 crore, while in 2006-07, it rose by a whopping 21.36 per cent.

Sources in the finance department admitted that the latest figures show that this is the lowest rise in VAT collections in the last three years.

A senior bureaucrat admitted that the impact of recession is showing on the state's revenues. "The fall in the growth of VAT incomes is mainly due to the effect of recession over the last six months. In the first six months of 2008-09, VAT incomes were rising at the rate of more than 20 per cent, peaking at 25 per cent at one point. However, the rise dipped and was less than 10 per cent after November," he explained.

However, the state government seems to be optimistic about the future. Despite the ongoing recession and failure to achieve target in 2008-09, the government has decided to set a much bigger VAT target of Rs 18,215 crore for 2009-10.

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

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