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Only 2.77% of Indians Pay Income Tax
01 Sep 11: According to the Ministry of Finance, of the total Indian population of 1.21 billion, only 2.77 percent or 3,35,79,831 (33.57 million) people have paid the personal tax, as on March 2011. But it is seen that the direct tax collection rose from Rs. 378,063 crore in 2009-10 to Rs. 446,070 crore... »
State Government Waives off Interest on Property Tax Arrears
26 March 2011: The interest on commercial property tax arrears of the previous years, till 2010-2011, under the Greater Hyderabad, Greater Visakhapatnam and Greater Vijayawada zones are waived off by state government. But this waiver can be obtained only if the tax arrears are paid in in lump sum before March 31. The already... »
GHMC to Add 40 Trades to Tax
Greater Hyderabad Municipal Corporation (GHMC) conducted a meeting to discuss the draft budget estimates for 2011-12 and to revise estimates for 2010-11. A proposal was made to add 40 new trades such as hotels, coffee shops, private swimming pools and more for trade licenses and tax payment. They also made a plan to increase... »
Tax Payment Options Made Easy for Businessmen
Some of the businessmen gave complaints to the chief Minister about tax official’s corruption and unnecessary interface. To make work easy for traders, certain administrative reforms are initiated in the commercial tax department. Businessmen will be allowed by the new initiatives to operate their business with out visiting tax offices. Everything from filing sales... »
Now Filing VAT Returns Will Be Cheap
The filing of the Value-Added Tax (VAT) returns at e-seva centres will be cheaper now. The commercial taxes decided to charge only Rs.10/- from each VAT dealer instead of Rs.50/- which is being collected now. On 7th May, Mr. Asutosh Mishra, the Revenue Principal Secretary issued the orders in this regard. (Source: Deccan chronicle) »
Dining Out May Become Expensive Due To Hike In VAT
Dining out is expected to become more expensive, because the state government increased the value-added tax (VAT) by two per cent on food items delivered in hotels and restaurants which have annual turnover of more than Rs 1.5 crore. As the hike in VAT is implemented immediately, all the hotels having three star rating... »
Five Years Of VAT Introduction: Observes Mixed Results
After five years of introduction of Value Added Tax (VAT) in the State, the mixed results are being observed. The government earned the huge revenue in absolute terms but the growth rate on yearly basis was the lowest during the period. The revenue collected was Rs. 26,165 crore, which was the highest but the... »
GHMC Decides to Collect Tax for Sign Boards
The Greater Hyderabad Municipal Corporation (GHMC) decided to collect advertisement tax under another section of the GHMC Act. The decision will affect nearly eight lakh businesses, along with petty and small traders. GHMC took this decision against the high court’s interim order to exempt shops and establishments that erect signboards on their buildings from... »
Mandatory E-payment Of Duty, E-filing Of Returns Will Be Introduced From April 1st
The Chief Commissioner of Central Excise & Service Tax (Hyderabad Zone), A.P., said that e-payment of excise, customs duty, service tax and e-filing of returns is mandatory and will be in execution from April 1. He was addressing assesses (a person who is assessed) who had paid any of the assessments or tax over... »
GHMC Net Revenue in 2010 Crosses Rs.1,000 crore
GHMC collected Rs. 488 crore in property tax collection (81.35 per cent) for the year 2009-2010, though only 8.2 lakh households out of the 11.5 lakh households paid the tax in the last financial year which concluded on March 31st. In the year before (2008-2009), the property tax collected was Rs. 376.46 crore (71... »
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