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 :: ACCOUNTING STANDARD :: form 3cd :: cpt :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: empanelment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit
 
 
VAT (Value Added Tax) »
 15% rise in collectionof VAT for Oct-Nov
 China to simplify tax scheme after switch to VAT
 Cabinet clears key proposals on VAT, regularisation of jobs
 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

Budget: Industry unhappy with their share
June, 22nd 2012

The industry has given a thumbs-down to the state budget presented on Wednesday, saying it has nothing to offer to the industry. 

Both industry and trade representatives have termed the budget as "disappointing", as none of their expectations were fulfilled. Finance minister 

Parminder Singh Dhindsa presented the budget with a revenue deficit for the current year 2012-13 of Rs. 3,123 crore, which would be about 1.14% of the Gross State Domestic Product (GSDP) against the target of 1.2% with no additional taxes. However, this step has failed to please the industry.

The expectations of the industry and trade sector included VAT simplifications and steps to speed up the VAT refunds, besides steps to attract new industry and to retain the existing one.

Outlays for basic infrastructure for industry like power, roads, water supply, etc are earmarked in the budgets of the departments concerned. The outlay for the industry for the year 2012-13 is Rs. 54 crore for which includes Rs. 10 crore for up-gradation of focal points, which the industry apprehends is very less.

But the industry representatives questioned the funds allocated for improvement of focal points and said these funds were not even sufficient for Ludhiana alone.

The industry had demanded steps to streamline the VAT refund process so that the industry could get speedy refunds. Rajnish Ahuja, president, Focal Point Industrial Association, said, "We were expecting steps towards the simplification of VAT refunds and demanded that 90% of the refund be cleared within one week. But nothing in that regard has happened."

The government has an outlay Rs. 3,300 crore for the power sector, which is 25% of the total plan outlay for 2012-13. Assuring that work was in full swing at 1,980-MW plant at Talwandi Sabo, 540-MW plant at Goindwal Sahib and 1,400-MW plant at Rajpura, the government has said all units of these three power plants would become functional between May 2013 and May 2014

However, the industry is not too optimistic about the power projects. Most industrialists doubt the timely completion of power projects, as has been claimed in the budget.

"We really doubt that the power projects will be completed on time as claimed by the government in the budget.
I think we have to operate on generators by using costly electricity," said Ajit Lakra, president, Knitwear and Textile Association.
The state's own tax revenue has more than doubled from Rs. 9,017 crore in 2006-07 to Rs. 20,310 crore in 2011-12. The ratio of the state's tax revenue to the GSDP has improved from 7.09% in 2006-07 to 8.18% in 2011-12.

The 2012-13 estimates of state's own tax revenue are at Rs. 23,842 crore. The ratio of state's own tax revenue to GSDP is likely to be 8.71% in 2012-13.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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