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

More interest on dues, VAT loophole plugged
May, 15th 2013

The State government on Tuesday introduced three bills in the Assembly to amend the legislation governing Value Added Tax. These amendments proposed to increase the rate of interest accruing on outstanding VAT payments and remove exemptions to certain items.

The amendments were introduced in the Assembly by Commercial Taxes and Registration Minister BV Ramanaa, and are set to come up for discussion and approval on May 16, the last day of the ongoing Budget Session of the Assembly.

The first amendment introduced on Tuesday proposed an increase of interest on delayed VAT payments from the current 1.25 per cent to 2 per cent. The move is meant to curb instances of traders intentionally choosing to delay VAT payments in view of the lesser interest it attracts compared to other financial instruments.

The second amendment introduced on Tuesday proposed to cancel the VAT exemption presently given to germicides, disinfectants and gypsum. An explanatory note from the government said these articles had been given VAT exemption on the basis that they were used by farmers. But in view of the fact that this exemption was used more by other sectors than agriculture, there is a need to remove the exemption.

The third amendment proposed by the government sought to correct the anomaly arising out of the inclusion of the terms iPod and iPhone as generic terms.

The amendment seeks to include these products under the generic heads of music players and mobile phones respectively, in view of the fact that these are proprietary products rather than generic product names.

 
 
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