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 RATES :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: TDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT Audit :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
VAT (Value Added Tax) »
 IT companies cry foul as CBDT caps staff transfer to SEZs
  Punjab VAT Act to be amended: Deputy CM
 Vasundhara Raje government exempts food, marble items from VAT
 Partially modified para no.2 of the Order No. F.3(366)/Policy/VAT/13/1235-1245 dated 17/01/2014.
 Traders down shutters against VAT on spices
 Govt to hold VAT panchayat next month
 Traders unhappy with VAT on raw spices
 VAT certificates of 43 traders cancelled
 VAT collection drive against hospitals unfair'
 Medical devices sector seeks Customs duty, VAT waiver
 Reduce VAT on bicycles: Industrialists to CM Badal

e-payment of VAT begins
September, 08th 2009

Kerala is all set to blaze a new trail in tax collection in the country with the launch of electronic payment of Value Added Tax (VAT) on Tuesday.

As many as 1.30 lakh traders are expected to switch over to the e-payment system, which will both speed up tax collection and lessen the difficulties being experienced by traders in paying taxes. The State had switched over to electronic filing of tax returns beginning January 1 this year and the e-payment system is being introduced to take the tax reforms initiated by the Left Democratic Front (LDF) government and its Finance Minister T. M. Thomas Isaac to the next level.

Initially, only traders having the Tax Information Number (TIN) with a turnover exceeding Rs.10 lakh are required to go in for e-payment. Around 25,000 to 30,000 traders who fall in the category of presumptive tax payers with an annual turnover not exceeding Rs.10 lakh will be exempt from the scheme for the time being.

The government had done the same when launching the e-filing system. According to Dr. Isaac, this is the next logical step now that the State has achieved 100 per cent e-filing of returns.

P. Mara Pandiyan, Principal Secretary, Taxes, told The Hindu here on Monday that the new system would make the tax collection system relatively fool-proof and ensure that the government got the tax revenue without any time lag.

Normally, the government gets the tax paid by a trader only about a fortnight after the actual payment is made.

Under the present system, the trader can make the payment online, get an electronic chalan and also the information whether he/she has made the correct payment and whether he/she is eligible for any tax refund.

The Commercial Taxes Department has tied up with State Bank of India and State Bank of Travancore to facilitate e-payment of taxes and integrated its web sites with that of the two banks. The web site of the Commercial Taxes Department has been audited by STQC, a Government of India agency, to ensure its security.

The departments has also provided for Verisign SSL Certification to ensure safety of the transactions.

According to Mr. Mara Pandiyan, the department has subjected the system to several trials over the last few weeks to identify potential glitches and to ensure that the system is fool-proof.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2014 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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