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Friday, 26 August 2011

VAT rate increased

http://www.tripurainfo.in/admin/ArchiveDet.aspx?WhatId=10040 

Agartala, Aug 26, 2011 : Following in the footsteps of the Union government, Tripura finance department issued a notification to enhance the rates of Value Added Tax (VAT) from 4 to 5 percent over ‘declared goods’ included in the entry no. 35 of Schedule II (a) and all the commodities kept under Schedule VIII of Tripura Value Added Tax Act, 2004.

On Thursday, Commissioner of Taxes Brijesh Pandey issued the official communiqué notifying the decision of state finance department.

The Centre has increased the ceiling imposed under Section 15 of the Central Sales Tax Act, 1956 on the power of the state to levy VAT on ‘declared goods’ from 4 percent to 5 percent by the Finance Act, 2011.

“Since most of the state governments have already enhanced the rate of VAT on the ‘declared goods’ to 5 percent in their states, it has become necessary to enhance the rate of VAT from 4 percent to 5 percent on the declared goods in entry no. 35 of Schedule II (a) and all items included in Schedule VIII of the Act in our state”, said Pandey.

“The state finance department has obtained approval of the Council of Ministers for issuing the notification over the issue that was published in the Official Gazette on August 24, 2011 expressing the intention of the state government to amend the ‘Schedules’ appended to the Tripura VAT Act, 2004 as a notice of 14 days from the date of notification for general information as required under Section 16 of the Act”, added the Commissioner.

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