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State Government Hikes VAT by 1% on Essential Commodities

By HIOC Team

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 Filing VAT Returns Will Be Cheap

By HIOC Team

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

By correspondent

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

By correspondent

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... »

Increase in Value Added Tax

By HIOC Team

Recently, the state government has increased the Value Added Tax (VAT) rate from 12.5 per cent to 14.5 percent quoting recession as a main reason. According to the state government’s order (G.O.35), goods taxable under Schedule-V of the VAT Act at 12.5 per cent would now be taxed more. This hike would increase the... »

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