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: list of goods taxed at 4% :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: due date for vat payment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARD
 
 
VAT (Value Added Tax) »
 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?
 New tax structure not higher than VAT

Civic body to oppose move for surcharge on VAT instead of LBT
May, 23rd 2014

Mumbai Mayor Sunil Prabhu has said the Shiv Sena-BJP-led BMC would oppose the state government’s plans to introduce surcharge on Value Added Tax (VAT) as a replacement for octroi or Local Body Tax (LBT) for traders.

Prabhu on Thursday said such a move would ruin the civic body’s financial autonomy and considerably affect ongoing and planned development works across Mumbai.
“We believe that if the state intends to bring in surcharge on VAT and do away with LBT as a source of revenue, Mumbai should be kept out of this system as BMC will lose its primary independent source of income. We will be forced instead to collect dues from the state government and be at their mercy. This dependency will prevent us from taking up works at our own pace as the government is already known for its inordinate delays,” the mayor said.

Meanwhile, the BJP said it would study the state government’s proposal before deciding whether to join in the opposition. “We are only opposed to LBT. If the state brings in surcharge on VAT to replace LBT we don’t mind, if the corporation can continue to earn from octroi,” said BJP group leader Manoj Kotak.

Currently, the civic body earns maximum revenue from octroi and collected over Rs 7,200 crore in 2013-14. However on account of the state government’s delay in amending the Mumbai Municipal Corporation (MMC) Act, 1888, and rolling out LBT for Mumbai in 2013, civic officials claim a loss of revenue amounting to Rs 540 crore as upgrade of security at octroi nakas was also stalled by the indecision. to help us personalise your reading experience.

A senior civic official in charge of the assessment and collection department said the state government must consider Mumbai as a special case and take separate policy decisions in the matter.

“The state government must bear in mind that when taking away LBT, it should give us an alternate equally buoyant source of income that is also autonomous. Former municipal commissioner Subodh Kumar in a previous report to the Maharashtra Economic Development Council had recommended that in addition to introducing surcharge on VAT, some other measures should be taken to safeguard a steady flow of income for BMC. These will have to be considered seriously,” said the official, adding that the announcement has now finally given the corporation closure on the issue of LBT.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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