« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  `Service tax needs full-fledged Act'... Panel recommends octroi abolition in Maharashtra... » Concessional tax rate abolition may bring in more VAT revenue August, 22nd 2006 The Central Ministries and organisations such as the Railways are likely to bring in at least Rs 2,000 crore of additional value added tax revenues annually to the States if the current proposal to do away with the concessional tax rate enjoyed by Government departments on their inter-State purchases is accepted by the VAT Panel. Compensation package The compensation package for the proposed central sales tax (CST) phase-out includes a proposal to abolish `Form D' that allows Government departments to make inter-state purchases at four per cent rate. Once Form D is abolished, the central ministries and Government departments would have to shell out the specified normal rate under VAT schedules. The VAT panel is to meet here on August 24 to discuss the compensation package for CST phase-out. Annual CST collections during 2005-06 stood at Rs 18,000 crore. Currently, the entire CST is collected and retained by the States. Meanwhile, sources in the Government said that the tax revenues of VAT implementing States have grown by about 24 per cent in July 2006 on a year-on-year basis. In the first four months of the current fiscal, the tax revenues of VAT implementing States grew by 26 per cent.