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: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: cpt :: due date for vat payment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company
 
 
« VAT (Value Added Tax) »
 Understanding VAT refunds
  Note ban got Maharashtra govt an extra ?125cr from fuel VAT
 Note ban got Maharashtra govt an extra ?125cr from fuel VAT
 Higher tax mop up reflects no slowdown post demonetisation, says Arun Jaitley
 Traders transition from VAT to GST
 FM Arun Jaitley defends note ban with jump in tax numbers
 States record jump in VAT collections after note ban
 Migration from Value Added Tax to GST begins
 VAT is coming: a historic change and leap into the unknown
 Online sales clampdown nets VAT registrations
 Telangana House passes Bill to reduce VAT on cell phones

Govt may reject investors demand over VAT refunds
June, 27th 2013

The state government is unlikely to meet the prospective investors’ demand for re-structuring the incentive period for getting value added tax (VAT) refunded.

In the view of inflation, many interested investors have asked the state to refund them the entire VAT in first five years although the state policy allows a 15-year period for such incentive.

They also want the state to continue refunding VAT even in the remaining period of 10 years, which the state’s policy-making high-power committee does not approve of.

Principal secretary (industry) Apoorva Chandra confirmed the development but refused to reveal the state’s stand.

“We have received such demands from investors who are Tax concessions: Other than a system in place to refund value added tax (VAT) in a time-bound manner, the investors get a rebate of 10% or Re 1/unit power bills in Vidarbha and Marathwada regions for the first three years. concerned about ongoing inflation. But we are not very positive on accepting it.”

A senior industry department official said the investors were mainly in ultra mega projects category which demands a minimum investment of Rs. 1,500 crore and assures 3,000 jobs.

“Most such projects are in automobile sector which are already upset over the state’s refusal for refunding VAT to their proxy companies,” said the officer. He said in addition to prospective investors, the existing investors too were demanding extra financial sops for their operational projects.

The finance department is opposed to the demand because if approved, it would deny the state exchequer significant revenue. The new industry announced early this year focuses more on small and medium enterprises (SMEs) as they create more jobs though they do not contribute much to the state revenue.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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