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

State mulls raising VAT to fill coffers
June, 24th 2015

With state finances in a precarious condition, the state finance department wants to increase Value Added Tax (VAT) to shore up its revenue.

Currently the VAT in the state varies from 2% to 12.5%. State finance minister Sudhir Mungantiwar refused to reveal how much the government proposed to increase and on what kind of goods.

He said the government has to make good the money it is spending on various welfare measures. "We have already sanctioned Rs 2,500 crore for various projects that were not part of the state budget. Around Rs 599 crore was paid to contractors to waive off the road toll, Rs 620 crore paid for crop insurance, Rs 50 crore for the Jalyukta Shivar Yojana to improve the ground water levels and Rs 850 crore for projects of the Rural Development Department. Besides we already have a deficit of Rs 3,500 crore. This will take the deficit further up to Rs 6,000 crore,'' he said.

Mungantiwar said the government should have raised VAT in its budget as it would have helped the state to receive an increased remuneration when the Goods and Services Tax system is introduced. "The GST committee will be here in Mumbai on June 25. We shall put forth the proposal before the committee. If it is approved it will benefit the state,'' he said.

The finance minister said the government was firm on rolling back the Local Body Tax and will compensate the local municipal corporations by allowing them to collect Professional Tax and Stamp Duty Registration Fees. "In many municipal corporations the revenue from stamp duty registration fees is much higher than what is collected through LBT. It is only the small civic bodies that may face a problem,'' he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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