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

10% increase in VAT collections
September, 29th 2009

Notwithstanding the current slowdown, Punjab is hopeful of registering an increase of 10-15 per cent in VAT(Value Added Tax) collection in the financial year 2009-10 over the last financial year. However, the VAT collection in the first five months of the current fiscal year is not very encouraging as the state registered an increase of only 7 per cent over the corresponding period last year.

According to the data, in the first five months of the current fiscal year(April-August 2009), the state managed to collect Rs 3,310 crore as VAT as compared to Rs 3,100 crore it collected during the corresponding period (April-August 2008) last year. That amounted to a growth of 7 per cent over the corresponding period of the last year.

In an interaction with Business Standard, Excise and taxation commissioner A Venu Prasad said, We are hopeful that we would be able to achieve a growth of 10-15 per cent in the current fiscal year, despite the fact that the VAT collection in the first five months of the current fiscal year was not encouraging. We foresee that the VAT collection in the coming months will increase exponentially, which will help us in meeting the target.

It is pertinent to mention here that in the last fiscal year 2008-09, VAT collection in Punjab registered an increase of 22.2 per cent over the corresponding year 2007-08. The state collected Rs 6,773.76 crore in 2008-09 as against Rs 5,543. 49 crore during the corresponding period last year.

According to a PHD Chamber study, by plugging the loopholes of tax evasion among traders, the states should be able to augment revenue this year. The poor condition of mobilisation of resources is a matter of concern as the state governments could collect higher revenues by appropriate procedural measures to ensure foolproof compliance, said Satish Bagrodia, President, PHD Chamber.

In order to put a check on tax evasion, the department keeps on tab on transaction done by the industrialists and traders.

Recently, the department has found that as many as 170 business firms were found indulging in bogus transactions with some fake companies to claim exemption from VAT to the tune of Rs 2,000 crore. During the investigation, it was found that neither the seller nor the buyer in several cases could be traced as the address mentioned in the invoice was fake.

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