« Top Headlines » Open DEMAT Account in 24 hrs  ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal  GST Rule Changes for FY 2025 26  Income tax return filing 2025: Five ITR mistakes that can trigger an income tax notice in 2025  ITR filing What is updated income tax return and ITR U Who can file & what you can t change - top points to know  Shifted to new tax regime? Here are 5 investments you shouldn't drop  Auditing and Assurance Standards Board Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects. «  Service tax collections may top Rs 38,000 cr this fiscal... `Cheque-in-the- mail' time in US... » Textile machinery, spares at 4% VAT March, 28th 2007 The textile machinery and spares trade has lauded the Government for bringing textile machinery and spares under the 4 per cent VAT rate. The Coimbatore-based Textile Machinery and Mill Stores Merchants Association has in a statement said that the Government had removed the confusion over VAT rate relating to textile machinery and spares. When the Government had effected the VAT system in January last, textile machinery and spares were listed under the 12.5 per cent VAT rate as against the 4 per cent charged till then under the sales tax and this had led to confusion. However, the Government had reverted textile machinery and spares to the original 4 per cent VAT rate following a representation from the association, a press note from the association said.