Tag Archive
State Government Hikes VAT by 1% on Essential Commodities
13 Sep 11: The state government has increased the primary VAT (Value Added Tax) slab on essential commodities by 1%. Due to this hike all the goods coming under Schedule IV will have to pay 5% tax as against the previous tax rate of 4%. Under this group there are over 124 categories of... »
Now Check Your Tax Credit Details Online Through ‘FORM 26AS’
23 May 2011: The Income Tax Department has launched an online service called ‘Form 26AS’, exclusively for the tax payers to view the tax credit statement online and check your income tax credit status regularly. All the tax payers are required to make use of this Form 26AS effectively by checking it regularly and... »
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... »
Commercial Properties to Face Increased Tax Rates
22 March 2011: From this financial year starting April 1, the tax rates of commercial properties are going to be doubled. With this increase, it is estimated that the GHMC would be able to make a profit of Rs.40 crore by the next year. With the present financial year coming to end, the GHMC... »
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... »
Higher Taxes to Limit Alcohol Consumption
India is now going to rise the taxes and wants to tighten the market regulations against the alcoholic products. As the abuse of alcohol is being increased, an accepted decision has been taken against the abuse of alcohol, by the 193 member states of the World Health Organization at world Health assembly. Every year... »
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... »
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