sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 PCIT vs. Perfect Circle India Pvt. Ltd (Bombay High Court)
 The National Company Law Tribunal (Amendment) Rules, 2019 notified
 Get income tax refund in one day from 2020
 Your ITR filing will soon get processed in just one day
 Here's how These new tax laws allow you to save more tax in FY2018-19
 Income tax exemption limit may be doubled to Rs 5 lakh in interim budget
 How to use home loan and rental outgo to save income tax
 Income Tax Department Income Tax Return Statistics Assessment Year 2017-18
 Section 80C limit: Should you use only life insurance to save taxes?
 Calculate your tax liability for assessment year 2019-20 here
 Here is how to maintain tax discipline in the last quarter of the fiscal

New tax regime to bring in Rs 900 for govt
June, 02nd 2009

In contrast to dipping inflation rates, prices of lot of items in the state have gone up from June 1.

In its decision (notification no 796) taken by the state government on May 27, about 200 items will see an extra tax ranging from half to 1% being imposed on them. Officials hope that this tax will see the state exchequer getting richer by Rs 900 crore.

According to state tax department, all the items listed under notification-2 which currently have 4% Value Added Tax (VAT) on them. The government has decided to impose half per cent tax on them. Similarly, all the items listed under notification-5 which currently have 12.5 per cent VAT will see an extra one per cent tax being levied on them.

On the other hand, the government has removed two to five per cent entry tax on several items like refrigerators, ACs, laptops, all types of cables, marble stones, clinkers, all types of wooden timbers and all the machinery in the range above Rs 10 lakh. Apart from that, products like wheat, rice, steel, coal and pulses remain free from the new tax regime. The law says these are essential goods and tax cannot be higher than four per cent on them.

Traders in the city have protested the move and they say that such acts are against the benefits of the general masses.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions