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

No change in VAT, but movies, gym to be dearer
June, 30th 2015

In the next fiscal, citizens of Delhi will not feel an increased pinch of the Value Added Tax (VAT) but may be faced with more expensive movie tickets. 


Presenting the annual budget on Thursday, Deputy Chief Minister Manish Sisodia said the VAT collection in Delhi had increased by 26 per cent as compared to the corresponding period last year.

delhi-VAT-chartHe said the government will not increase the VAT rate this fiscal and incorporate it only after the government scientifically analyses it.
“This government believes in providing a stable tax regime. We are not tinkering with the tax rates, barring a few clarifications to remove ambiguity in case of certain items. We do not want to alter tax rates without due thought and analysis. We are against playing to the galleries because of a tradition that finance ministers have raised or reduced taxes on items in the budget,” Sisodia said.

VAT is the main source of revenue generation for the Delhi government. Sisodia, however, said that his government does not wish to further burden those who diligently pay tax but said it will recover evaded tax by cracking down on corruption and ending raids on businessmen.

“It is estimated that we shall collect Rs 24,000 crore through VAT, which is 69.3 percent of the total revenue collections of the government. We have also noticed a growth of 37.6 percent in VAT collection in the last two months,” said Sisodia

The finance minister also reduced the rate of VAT on wood and timber from 12.5 percent to 5 percent. While wax was taxed at different rates under different schedules of the Delhi VAT Act schedules, the tax on wax has been made uniform at 5 percent.

In good news for households, 12.5 percent VAT charged on cutlery to 5 percent. “Since these items belong to the same family, it is proposed to reduce rate of tax on all utensils and cutlery items made of metals (including pressure cookers/pans) to 5 percent except those made of precious metals,” the finance minister said.
The government also proposes to impose an entertainment tax of Rs 40 on Cable TV/DTH Services. However, what might eat into weekend movie budgets is the government’s decision to impose a 20-40 percent hike in the entertainment tax on cinema halls.

“I also propose to increase the registration tax by 25% of the existing rate for all categories of private vehicles registered in the name of companies and partnership firms. The proposal will not affect individuals,” said Sisodia.

 
 
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 Experience

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