Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: form 3cd :: VAT Audit :: empanelment :: due date for vat payment :: cpt
 
 
VAT (Value Added Tax) »
 Govt may send notice to 162 companies; ask for VAT returns
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
 New tax structure not higher than VAT

VAT increase will dampen growth: Bangalore Chamber of Industry and Commerce
August, 04th 2012

The Bangalore Chamber of Industry and Commerce (BCIC) has expressed disappointment over the sudden mid-course correction undertaken by the state government by way of a 0.5% increase in VAT rates. The new VAT rates effective August 1, 2012, will be 5.5% and 14.5%.

The industry body said: "The 0.5% hike may ex facie look minuscule, but on the larger canvas, if one analyses, over the last few quarters the industry has been reeling under pricing pressure resulting in quarter revenues either moving into negative or showing flat trends." BCIC said that the increase in VAT will dampen growth prospects and affect people at large as they are already challenged in sustaining monthly budgets.

PV Srinivasan, chairman, indirect-state taxes expert committee, BCIC, said: "It is surprising that the government has increased the VAT rates mid-way through the year and that too giving a very short notice as the revised rates are with effect from August 1 itself. This will dampen the demand for several consumer goods, including electronic items, at a time when the trade looks for seasonal pickup in sales, thus adding to the woes of an already sluggish demand."

S Venkatramani, co-chairman, indirect and state taxes expert committee, BCIC, said: "There are a number of states where the rates of taxes are still pegged at 4% and 12.5% as against 5.5% and 14.5 % in our state. Therefore, service providers who do not avail input tax set-off may find it cheaper to procure goods from outside the state." Such a scenario, Venkatramani said, could result in flight of trade resulting in a loss to the exchequer.

BCIC said: "The higher revenue mobilization on account of the higher rate will be offset by lower tax collection on account of lower sales."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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