More sops for small traders under VAT More sops for small traders under VAT Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

« Top Headlines »

Open DEMAT Account in 24 hrs
How to check income tax return (ITR) status
Income tax rules: How much cash can you receive in one day to avoid an I-T notice?
Tax saving tips: How you can reduce tax burden under the new regime
Condonation of delay under section 119(20) of the Income-tax Act, 1961 in filing of Form No. 9A/10/108/10BB for Assessment Year 2018-19 and subsequent assessment years
Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22 and 2022-23
New GST form notified to help taxpayers adjust tax demand amount: Here's how to use
ITR filing deadline extended to November 15, 2024 for these taxpayers


« TN foodgrains merchants' plea...	`The objective of CPT is to catch them young'... »
More sops for small traders under VAT

December, 11th 2006
The Tamil Nadu Government has announced further concessions to the small traders under the Value Added Tax regime to be implemented from January 1, 2007. According to an official press release, the State Government has decided that traders with an annual turnover of Rs 10 lakh to Rs 50 lakh would have to pay a compounding tax of a maximum of 0.5 per cent. With this, the State Government has cut by half the tax that these traders would have had to pay under VAT. Earlier, under the Value Added Tax Act 2006, the traders with a turnover of Rs 10 lakh to Rs 50 lakh were to have paid a compounding tax of a maximum of 1 per cent. According to the release, over one lakh traders would benefit from this decision. The Tamil Nadu Assembly approved the Tamil Nadu Value Added Tax Act, 2006, during the recently concluded session. It has exempted from the purview of VAT traders with a turnover of up to Rs 10 lakh with business restricted within Tamil Nadu.