16/04/2013
VAT issue: Oil tankers go off the road in AP
Oil tankers went off the road from Monday in Andhra Pradesh, as truck owners resorted to strike as they were engaged in a dispute with the oil companies on payment of value-added tax of 5 per cent imposed by the State Government.It is the contention of the truck owners that the companies should pay VAT of five per cent from Nov. 8, 2011, and the association is condemning the attitude of the oil companies. “It is unfortunate that the oil companies – IOC, BPCL, and HPCL – are refusing to pay the VAT going against the promise they gave to us in 2011. We cannot bear the burden and therefore nearly 1,000 oil tankers in the Visakhapatnam region and 2,000 in the entire State have gone off the road. We are left with no option,” said T. Naidu, President of Visakhapatnam Oil Tank Truck Owners' Association.
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12/03/2013
West Bengal budget raises value added tax
Increasing taxes in a major way for the first time since coming to power, the Trinamool Congress government in West Bengal today presented a Budget document for 2013-14.
However, despite taking steps to raise more money, the net revenue deficit increased significantly to Rs 13,308 crore in the revised estimates for 2012-13, against the projection of Rs 6,858 crore in the Budget estimate presented last year. For 2013-14, the net revenue deficit is projected to be contained at Rs 3,488 crore.Due to reforms in tax collection, the state is expected to marginally surpass its tax collection target to Rs 32,000 crore, against the budget estimate of Rs 31,222 crore last year, said Amit Mitra, finance minister. This year, revenue is expected to grow 24 per cent, to Rs 39,783 crore.
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07/12/2012
Power back-up services to attract VAT
We develop small residential complexes. Typically, we apply for a single electricity meter for the entire building. We also provide 100% power back- up to ensure continuous supply of electricity to residents. For such facility, we recover a fixed amount every month from flat owners. Should we deposit service tax for such charges under the negative list regime?
From the information provided by you and on the preliminary analysis of your activity, it appears to us that you are providing power back up to all the apartments in the complex. We understand that such charges are an integral part of the agreement entered into with the flat owners/residents. In this case, one may adopt a position that since the power back-up services are provided along with other maintenance services such charges may attract service tax.
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06/10/2012
Peeved builders move HC over VAT confusion
The Builders Association of India has approached the Bombay high court, seeking to bring clarity in the state government’s value added tax (VAT) circular 2005 and 2012.
Apart from the Supreme Court interim order, the developers are not happy with the sales department’s complicated and vague circular and the method of calculating VAT. The high court will hear the writ petition on October 11.
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29/09/2012
Uttarakhand Government reduces VAT on diesel by 60
With an eye on the October 10 Tehri Lok Sabha bypoll, Uttarakhand government today reduced the VAT on diesel prices by 60 paise per litre.
A notification announcing the concession was issued by the state government here yesterday. Diesel, which was available for Rs 50.20 per litre, will be sold across the state for Rs 49.60 with effect from today, official sources said. However, confusion prevailed among petrol pump owners over the government notification with some of them implementing it and some of them yet to do so citing the model code of conduct which is in force in view of the forthcoming bypoll.
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25/09/2012
VAT refund: Cases pile up in excise office
The excise and taxation department has so far failed to clear thousands of VAT refund cases prompting the industry in Ludhiana to call a meeting on October 1. Industrialists have also called the excise and taxation commissioner A Venuprasad for the meeting to find reasons for the delay and to urge the commissioner to simplify the methods for claiming VAT refund.
Sources, however, said a fund crunch was behind the delay while in a few other cases, incomplete documents were to blame. In the bicycle parts industry alone, more than 350 VAT refund cases are pending since 2011 while in the auto parts industry, around 500 such cases have been pending for more than a year.
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21/09/2012
Diesel to be cheaper in Bihar as govt cuts VAT
In a bid to give some relief to diesel consumers in Bihar in the wake of Rs 5 per litre price hike by the Centre, the state cabinet on Thursday reduced the value added tax (VAT) on diesel by two per cent - from 18% to 16% - giving a relief of 85 paise per litre to consumers. The new diesel price of Rs 50.15 per litre, down from Rs 51 per litre, would be operative from Thursday midnight.
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19/09/2012
Bihar to offset diesel price hike by modifying VAT
The Bihar government has decided on principle to modify VAT on diesel, Chief Minister Nitish Kumar said on Tuesday. There will be reduction in the price of diesel in Bihar as the state government has decided on principle to modify the VAT rate on the fuel product," he told reporters. A decision on modification of VAT rate on diesel will be taken in a day or two, Kumar said.
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12/09/2012
Exempt VAT on diesel for captive power; AP Govt urged
The Andhra Pradesh Government should immediately issue a GO exempting VAT on diesel used for captive power generation by industrial units, as promised by the Chief Minister, according to the representatives of Federation of Andhra Pradesh Industries.
There is no justification for any further delay in view of the grave power crisis gripping the State and crippling the units, they said.
The plea was voiced by industrialists at a regional convention of industries organised here on Tuesday by the Federation of Andhra Pradesh Industries (FAPI). Andhra Minister Minister for Ports G. Srinivasa Rao has promised that he would take it to the notice of the Chief Minister.
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10/09/2012
CNG prices up by 0.20 paise/kg in UP
Indraprastha Gas Limited (IGL) has increased compressed natural gas (CNG) prices by 0.20 for every kilogram. This is due to increase in additional VAT by the State Government of Uttar Pradesh, IGL said in a statement. “The new consumer price of Rs 43.30 per kg in Noida, Greater Noida and Ghaziabad would be effective from 10:00 pm tonight on 8th September 2012,” it added. Uttar Pradesh has increased additional VAT from 1 to 1.5 per cent for items covered in Schedule V. Thus, VAT on CNG is at 14 per cent from 13.5 per cent earlier.
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