Value Added Tax News

Indirect tax is a kind of tax that can move from one place to another.

According to a recent Times of India report, the government issued a resolution on Friday detailing the VAT increase.

PM Modi raised the issue of many states not adhering to the Centre's call for reducing the Value Added Tax (VAT) on petrol and diesel after his government slashed excise duties on them in November last.

According to the ministry, 14 states/UTs have not implemented any VAT reductions in petrol and diesel. According to the ministry, the UT of Ladakh has seen the greatest fall in petrol costs, followed by Karnataka and Puducherry. According to the government, the UT of Ladakh has made the largest reductions in diesel prices, resulting in a drop of Rs 19.61 per litre.

A litre of petrol will now cost 98 paisa more across the state while a litre of diesel has become dearer by Rs 2.35.

The Centre had recently brought down excise duty on petrol and diesel by Rs 2 per litre.

Certain provisions in the special economic zone (SEZ) Act, 2005, are not consistent with the GST regime and need to be made compatible before the July 1 rollout date.

Mizoram assembly unanimously passed the Mizoram Goods and Services Tax (GST) Bill, 2017 in a one-day special session of the legislature on Thursday.

Opinion appears to be divided among legal experts on the government's approach on service charge in restaurants, with a section terming it totally "illegal and unfair" trade practice and the other favouring making the levy optional.

Union Finance Minister Arun Jaitley on Monday said Delhi Chief Minister Arvind Kejriwal`s `zero tax` budget that aims to rationalise the Value Added Tax (VAT) structure and keep luxury items out of the proposed GST, will automatically lead to the standard rate of GST going .

Food bills in steeply priced restaurants are seen coming down, as government  is likely to issue guidelines for restaurants to curb the arbitrary charging of service tax.

In its efforts to raise more funds for tackling drought in the state, Maharashtra government has decided to levy a surcharge of Rs 2 on petrol and diesel while VAT on liquor, cigarettes and beverages have also been raised by 5 per cent.

Aviation Turbine Fuel (ATF) price in Delhi was cut by Rs 5,469.12 per kilolitre (kl), or 11.7 percent, to Rs 40,938.24 per kl, oil companies announced on Tuesday.

Punjab and Haryana raised Value Added Tax (VAT) on diesel, negating the full benefit of Rs 2 per litre cut on fuel to consumers.

The Value Added Tax (Amendment) Bill was passed by the Delhi Assembly on Tuesday.

In a major relief to city's traders, Delhi government on Tuesday passed an amendment to the Value Added Tax (VAT) Act which will allow them to carry forward their credit for successive financial years.

The government Tuesday expressed concern over the financial health of domestic airlines but ruled out plans of extending financial package to budget carriers.