« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  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.