Cabinet okays VAT rules
THE STATE Cabinet approved the rules framed under the VAT Act. As per the rules, the traders with a turnover of less than Rs five lakh are out of the purview of the VAT.india Updated: Apr 11, 2006 14:14 IST
THE STATE Cabinet approved the rules framed under the VAT Act. As per the rules, the traders with a turnover of less than Rs five lakh are out of the purview of the VAT.
Such traders may get themselves unregistered by submitting an application. They would be required to deposit the VAT amount realised by them till the date of un-registration so that the people, who have purchased the commodities, may avail of the input rebate benefit.
The Cabinet decided that maximum number of visits be fixed for the traders who are subjected to audit. Maximum number of three visits has been fixed for traders with a turnover of up to Rs five crore, five visits for those with a turnover of up to Rs ten crore and ten visits for the traders with a turnover of over Rs one hundred crore.
The goods sold through military canteens will attract no tax. But an input rebate would be given on over four per cent tax paid on the commodities purchased by them and the rebate amount would be transferable. These institutions would be able to use the amount of the input rebate for future purchase or to transfer it to other traders.
Such units, which are availing of the facility of such tax exemption or tax deferment, would get the facilities pertaining to tax concession under the VAT which still have the period for exemption, deferment. In case, the net tax playability of such traders is negative, they would then be given the facility of transferable tax rebate.
In case the traders who avail of compounding facility, the manufacturer traders would be provided the facility to purchase goods from un-registered traders. However, they would have to purchase the goods attracting 12.5 per cent tax from state’s registered traders by paying the tax.
Concern at erratic power supply
IN THE State Cabinet meeting, some ministers on Monday expressed their concern over irregular and inadequate power supply to the rural areas. The Ministers told the Chief Minister about the schedule of power supply in their respective areas, unscheduled power cuts and the farmers’ difficulties in threshing the harvest. Chief Minister Shivraj Singh Chouhan assured the ministers that he would look into it.
Cabinet panel reconstituted
THE STATE Government has reconstituted the Cabinet Committee that was formed to frame the State’s new excise policy. Minister for Commercial Tax Babulal Gaur would head the committee. The members of the Cabinet Committee include Minister for Finance Raghavji, Minister for PWD Kailash Vijayvargiya, Minister for PHE Rampal Singh and Minster for Tribal Welfare Vijay Shah. Principal Secretary, Commercial Tax is the convener of the committee, according to an official press release.