« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Face value: Tax reformer par excellence... Direct taxes up 40%, FM non-committal on tax moderation... » UP introduces Value Added Tax January, 02nd 2008 Roll out of Value Added Tax (VAT) in the country became complete, with Uttar Pradesh adopting the new tax system that has made 91 items including kerosene, milk and medicines cheaper on account of reduced rate of levy. VAT, which replaces the existing sales tax, was introduced in April 2005. While a majority of the states switched to VAT, some states held out. They have all since adopted VAT. "Keeping in view the needs of the common man, tax rate on 91 items like kerosene, milk and medicines have been reduced under the VAT," Uttar Pradesh Chief Minister Mayawati told reporters here. Uttar Pradesh Governor T V Rajeswar had, yesterday, promulgated an ordinance for implementation of VAT, which was rung in today amid protests by traders who took part in a shutdown of markets. Finance Minister P Chidambaram congratulated the UP government for introducing VAT and "wish them success." Mayawati termed the implementation of VAT as a historic step that would help the common man get essential and quality items at minimum prices. The Chief Minister expressed confidence that with the introduction of VAT and aligning the state's tax structure on par with others, illegal transportation of goods will be curbed and all sections of people would benefit. 'Chikan' clothes, baranasi sarees and handloom items have been exempted from VAT, besides all varieties of seeds and agriculture equipments. Tax rate has also been reduced on chemical fertilizers, insecticides, pesticides, water pumps, tractors and tractor-trolleys and items used in information technology. Mayawati asked manufacturers and the traders to pass on the benefit of this tax reduction to the consumers.