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: VAT Audit :: TDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment :: due date for vat payment :: VAT RATES :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ACCOUNTING STANDARDS
 
 
News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

New tax regime to bring in Rs 900 for govt
June, 02nd 2009

In contrast to dipping inflation rates, prices of lot of items in the state have gone up from June 1.

In its decision (notification no 796) taken by the state government on May 27, about 200 items will see an extra tax ranging from half to 1% being imposed on them. Officials hope that this tax will see the state exchequer getting richer by Rs 900 crore.

According to state tax department, all the items listed under notification-2 which currently have 4% Value Added Tax (VAT) on them. The government has decided to impose half per cent tax on them. Similarly, all the items listed under notification-5 which currently have 12.5 per cent VAT will see an extra one per cent tax being levied on them.

On the other hand, the government has removed two to five per cent entry tax on several items like refrigerators, ACs, laptops, all types of cables, marble stones, clinkers, all types of wooden timbers and all the machinery in the range above Rs 10 lakh. Apart from that, products like wheat, rice, steel, coal and pulses remain free from the new tax regime. The law says these are essential goods and tax cannot be higher than four per cent on them.

Traders in the city have protested the move and they say that such acts are against the benefits of the general masses.

 
 
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