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 :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT Audit :: articles on VAT and GST in India :: cpt :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment
 
 
« News Headlines »
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice

Minister cautions against bill-less trading
July, 26th 2007
It affects smooth implementation of VAT

In order to assist the trade and industry, the Tamil Nadu Government had in the 2007-08 Budget offered sales tax relief for 61 specific products contrary to the Centres VAT guidelines.

According to the Tamil Nadu Commercial Taxes Minister, Mr M. Ubhayathullah, 30 goods were exempted from VAT, while the rate on another 31 items was brought down from 12.5 per cent to 4 per cent. The relief was given risking deviation from Centres VAT regulations and possible penal deduction at the time of reimbursement of Central grants, he said.

Addressing a meet on Tamil Nadu VAT implementation organised by the Indian Chamber of Commerce and Industry, Coimbatore on Tuesday, Mr Ubhayathullah cautioned against bill-less trade saying the Government chose to lower the VAT rate on the belief and also on the assurances from the trade that it would bring about higher tax compliance. But some traders continued with bill-less trading, betraying the Governments faith on offering moderate tax regime and affecting the smooth implementation of VAT, he said.

Coimbatore contributes normally 10 per cent of Tamil Nadus total revenue from commercial taxes. As against the States total revenue of Rs 19,817 crore collected in 2006-07, the Coimbatore division contributed Rs 1,267 crore. The divisions tax earning during April-June 2007 was Rs 417 crore as against the States overall tax collection of Rs 4,262 crore.

The cumulative tax collection showed a healthy 20 per cent annual growth despite the variations in the month-wise revenue.

But the tax collection from Coimbatore has for the first time showed a negative growth of Rs 4 crore during June 2007 when the total collection fell to Rs 134 crore compared with June 2006 revenue of Rs 138 crore.

On the clarifications sought by gold jewellery traders on taxation on jewellery items, the Minister suggested separate taxation one on procurement of jewellery and another on sale. He said Rs 5 lakh turnover ceiling for exemption from filing returns would hold be applicable to jewellery trade too.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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