22 February 2017
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Indirect Tax Value Added Tax 002005

  • States record jump in VAT collections after note ban
    Jan 09, 2017
    Demonetisation seems to have led to a windfall for states thanks to a spurt in value added tax (VAT) collections since Prime Minister Narendra Modi’s November 8 announcement, according to the latest data. This appears to undermine the contention that the cash crunch punctured demand after the government invalidated Rs 500 and Rs 1,000 currency notes.
  • Cut in VAT makes cell phones cheaper in Telangana
    Dec 29, 2016
    Good news for phone users. The prices of cell phones are set to come down in Telangana, as the VAT on them has been reduced from 14.5 per cent to 5 per cent. The State Legislative Assembly on Wednesday adopted the Value Added Tax (VAT) Amendment Bill, seeking to reduce VAT on cell phones. The bill was introduced by Minister T Srinivas Yadav. Congress, Bharatiya Janata Party and Telugu Desam Party members welcomed the Bill.
  • Maharashtra government hikes VAT on petrol by Rs 1.50 per litre
    Sep 17, 2016
    Maharashtra government today hiked the value added tax (VAT) levied on petrol by Rs 1.50 per litre. The measure is expected to generate additional revenue of Rs 600 crore, a senior official said. The state has not touched diesel prices, fearing losing revenue to neighbouring states, he added.
  • Goa government reduces VAT on petrol to keep prices under Rs 60 per litre
    May 18, 2016
    Keeping its promise to not allow petrol prices exceed Rs 60 per litre, the Goa government today reduced the value added tax (VAT) levied on the fuel by two per cent after the hike announced last night."The Goa government has reduced the VAT on petrol by 2 per cent brining it to 20 per cent from 22 per cent," a senior officer from state commercial tax department said.
  • Amazon, traders face probe over false Cenvat credit claims
    May 12, 2016
    E-commerce giant Amazon and 50 of its sellers are facing investigations for allegedly falsely claiming Central Value Added Tax (Cenvat) credit and evading tax of about Rs 118 crore. Officers of the Directorate General of Central Excise Intelligence (DGCEI) have conducted search operations at Amazon's business premises across the country and at its headquarters in Bengaluru, in January. "So far, the total tax evasion we have been able to establish is to the tune of Rs 118 crore, which could increase. We will soon issue show cause notices to respective sellers," a senior officer told the Business Standard. "We have recorded the statement of Amazon executives and are assessing the details provided by them," he added.
  • Maharashtra hikes general VAT rate marginally
    Mar 19, 2016
    The Maharashtra government has marginally increased the general VAT rate from 5 to 5.5 per cent in the State budget. The increase is in anticipation of revenues losses when Goods and Services Tax (GST) gets implemented. Finance Minister Sudhir Mungantiwar said in his budget speech that there is a likelihood of the State suffering revenue loss from the implementation of Goods and Services Tax and said that the compensation from the Centre will depend on the revenue collection of States in the years prior to implementation of GST. While this makes goods and services in the State dearer by 0.5 per cent, there are other product-specific changes in the tax structure.
  • Goa budget raises VAT on petrol to 22%
    Mar 17, 2016
    Commuters and tourists in Goa will have to shell out extra money as the State budget on Wednesday proposed an increase of 7 per cent in value added tax (VAT) on motor spirit.Chief Minister Laxmikant Parsekar, who holds finance portfolio, justified the hike in his budget speech, saying that as crude oil prices had decreased in the international market, the government wanted to increase VAT on motor spirit from 15 to 22 per cent.When the BJP government came to power in March 2012, the then Chief Minister Manohar Parrikar, as promised in the party election manifesto, had abolished VAT on petrol which had resulted in decrease in petrol price by Rs. 11, making cheapest in the country.
  • VAT relief for traders who suffered losses during Jat quota agitation
    Mar 03, 2016
    Haryana Government today decided in principle to give relief in Value Added Tax (VAT) to those traders and businessmen who suffered losses during the recent Jat quota agitation in the state. A decision to this effect was taken in a meeting of the State Cabinet which met under the chairmanship of Chief Minister Manohar Lal Khattar here.
  • Delhi govt increases VAT on diesel, petrol
    Jan 20, 2016
    Following in the footsteps of the Union government, the Delhi government has increased value added tax (VAT) on petrol and diesel for the second time this financial year. With this, petrol in Delhi would cost 96 paise a litre more and diesel 53 paise more. The Delhi government on Monday night raised VAT on petrol to 27 per cent from 25 per cent and on diesel to 18 per cent from 16.6 per cent. A pollution cess of Rs 0.25 per litre will also be levied on diesel. Petrol now costs Rs 59.99 a litre in Delhi and diesel Rs 44.71. Last week, the Union government raised excise duty on petrol by 75 paise a litre and the duty on diesel by Rs 1.83. Taking advantage of falling global prices, the National Democratic Alliance government has hiked excise duty on the two fuels four times this financial year. In 2014-15 too, the excise duty was raised four times.
  • Odisha govt hikes VAT on petrol, diesel by 3%
    Jan 06, 2016
    The Odisha government on Tuesday increased the Value Added Tax (VAT) on petrol and diesel by 3% each, making the fuel dearer. The finance department issued a notification stating that the VAT on petrol and diesel would be 26% from earlier rate of 23%. Petrol and diesel across the state will cost more by Rs 1.39 per litre and Rs 1.14 per litre respectively from today.
  • Odisha Hikes VAT By 14.5% On Luxury Items, 35% On Fgn Liquor
    Jan 01, 2016
    The Odisha government today increased VAT on luxury items from 13.5 per cent to 14.5 per cent besides hiking tax on foreign liquor from 25 per cent to 35 per cent. The decision was taken at a Cabinet meeting chaired by Chief Minister Naveen Patnaik here.The items on which VAT rate would be 14.5 per cent include luxury items like televisions, refrigerators, air conditioners, washing machines, air coolers, two-wheelers and four-wheelers used by higher income group, said Chief Secretary A P Padhi. As the Goods and Service Tax (GST) rate would be about 15-16 per cent, the Centre has already enhanced Service Tax rate from 12.36 per cent to 14.5 per cent in the Finance Act, 2015-16, Padhi pointed out, adding that the 14.5 per cent VAT on luxury items in Odisha was still lower than many states.
  • Delhi govt hikes VAT rate on jet fuel
    Nov 20, 2015
    Domestic airlines will have to shell out an extra for jet fuel at Delhi following a five% increase in the value added tax levied by the state government. With the revision in rates effective November 17 a kilolitre of jet fuel in Delhi costs 44,846 per kilolitre a hike of almost Rs 1,795 over the earlier price. The tax rate has been increased from 20 to 25%. The state government decision will burden domestic airlines as Delhi is a key base for them. A SpiceJet spokesperson said the airline will not pass on the hike and there was no plan to increase fares. Other airlines did not respond to email query on the topic.
  • Punjab announces input tax waiver on food processing
    Oct 29, 2015
    Punjab's food processing sector will now get complete tax waiver. Companies operating in the sector will get exemption on value-added tax, central sales tax and purchase tax, Deputy Chief Minister of Punjab Sukhbir Singh Badal said at the second Invest Punjab Summit at the Indian School of Business, Mohali. Addressing corporate leaders, including Mukesh Ambani, Sunil Munjal, Y C Deveshwar, Ajay Piramal and Chanda Kochhar, Sukhbir said given that Punjab contributes 60 per cent of foodgrains to India's central pool, it should also supply the same proportion of value-added food products.
  • Punjab and Haryana Increase VAT on Diesel
    Jul 17, 2015
    Punjab and Haryana raised Value Added Tax (VAT) on diesel, negating the full benefit of Rs. 2 per litre cut on fuel to consumers.The step has triggered sharp criticism from the farming sector of both states.While SAD-BJP led government hiked VAT on diesel to 13.4 per cent, the neighbouring BJP government in Haryana jacked up the tax to 16.4 per cent.
  • Delhi govt might increase VAT on petrol, fizzy drinks, liquor
    Jun 30, 2015
    Be prepared to shell out more for petrol, aerated drinks, tobacco and liquor among other products in Delhi. The Arvind Kerjiwal government on Monday tabled an amendment Bill in the Assembly proposing to raise value-added tax (VAT) on these items up to 30 per cent, against the current rate of 20 per cent.The Delhi VAT (Second Amendment) Bill, 2015, tabled by deputy chief minister and finance minister Manish Sisodia, seeks to arm the Kejriwal-led government with an enabling provision of imposing VAT on 11 categories of items anywhere in the range of over 12.5 per cent and up to 30 per cent against the flat rate of 20 per cent at present.
  • Kejriwal govt imposes tax on cable TV, DTH, entry fee on diesel trucks
    Jun 26, 2015
    Furniture and cutlery are set to turn cheaper in this city but movie tickets, cable and direct-to-home (DTH) television would get costlier.The Arvind Kejriwal government has cut value added tax (VAT) rates on wood, timber and cutlery but imposed entertainment tax on cable TV and DTH services and raised it on cinema halls.Food items, including Vegetables and fruit, might also see upward revision in rates, as the city government has imposed an entry fee on diesel-driven tempos and trucks, for the time being, in its first ever annual Budget, for 2015-16.
  • Four States call for uniformity in tax rates
    May 22, 2015
    Four northern States on Thursday called for uniformity in the rates of value added tax (VAT) on all goods, especially those in which trade diversion takes place with minimum difference in the sale price, and agreed for establishment of a zonal economic intelligence unit to avoid cross-border smuggling of goods.The Finance and Taxation Ministers of Delhi, Punjab, Haryana and Himachal Pradesh met at the Delhi Secretariat here for deliberating on the measures to bring uniformity in tax rates. The Ministers felt that Delhi and its neighbouring States were witnessing loss of revenue because of a huge variance in tax rates.
  • Maharashtra scraps local body tax, imposes VAT surcharge
    Mar 19, 2015
    Presenting the maiden Budget of the BJP-led government in Maharashtra, finance minister Sudhir Mungantiwar on Wednesday announced the scrapping of local body tax (LBT). The Budget provides for a revenue deficit of R13,883 crore against R4,103 crore in the last fiscal. The government announced that the LBT will be abolished from August 1, instead of the initial proposal of April 1. To compensate for the losses, the government will impose surcharge on value added tax (VAT) across the state.
  • Delhi government approves amendment to VAT Act
    Mar 14, 2015
    In a major relief to city's traders, Delhi government on Friday approved the amendment to VAT (Value Added Tax) Act to allow the carry forward of Input Tax credit for traders.The government has also decided to call a two-day Assembly Session on March 24-25 for tabling Vote on Account for the first three months of the next financial year even as the budget will be presented in the month of June.
  • Flipkart, Snapdeal, others in line of fire as e-trade tax near top of states’ Budget wish list
    Feb 12, 2015
    Online retailers like Flipkart, Snapdeal and Lenskart have come in states’ line of fire with some of them urging Union finance minister Arun Jaitley to impose higher taxes to discourage web-based shopping that takes place cutting across state borders.A host of states, including Madhya Pradesh and Kerala, have found their VAT revenue taking a hit as consumers resort to online purchases, which allow e-tailers to shift the tax payment to states where their warehouses are located.
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