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KERALA
FINANCE BUDGET 2016-17
:
1. All types of plastic bags to be taxed at 20%.
2. Exemption of tax to be provided on sale of cardamom on auction.
3. Cooked food manufactured by prisoners to be exempted from tax and deemed to be effective from 01/04/2011.
4. Works contract of robotic or automated car parking systems shall be taxed @5%.
5. Total turnover threshold increased from Sixty lakhs to Seventy five lakhs for registered dealers (other than importers, contractors, CST dealers) to pay presumptive tax of 0.5% of sale turnover of taxable goods.
6. Works contract awarded by Government of Kerala, Kerala Water Authority or Local Authorities shall now have the option of paying 3% of whole contract amount along with tax paid u/s 6(2).
7. Bakery dealers with registered trademarks who have defaulted tax for the period up to 2013-14, can opt for remitting the differential amount of tax on or before 30th June, 2016 with exemption of paying interest or penalty due.
Changes in Schedules:
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Changes through Finance Bill |
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List of Goods |
% of Tax |
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Braille printers, Assistive devices
for visually challenged persons like
white cane and electronic cane |
Exempt |
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Cleaning liquids for
removing pesticides residue from
vegetables, manufactured by units
using the technology developed by
Kerala Agricultural
University or other recognized
institution |
Exempt |
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Earthern Pots made
from earth clay including
flowerpots’ receptacles, statues and
earthern oven |
Exempt |
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Mobile phone charger
sold along
with mobile phone in
sealed packs (deemed to have effect
from 01/01/2005) |
5% |
Click to view Kerala Finance Bill, 2016
Delhi VAT - Market Associations Reward Scheme:
Delhi Government has launched “Market Associations Reward Scheme”
to check tax evasion and bogus dealers by sharing VAT revenue with the associations exceeding the targets fixed.
In this scheme, VAT collection target will be fixed for every year for each market. If the amount collected from the market exceeds the target, 10% of the VAT collected over and above the target will be given to the market association. Besides this, top 10 market associations will be rewarded with a cash award of Rs. 5 lakh each every year.
Eligibility for the Scheme-A market association has to register itself with the Department of Trade and Taxes through its website or through the portal designed for market associations. An association must also have at least 50 registered members and be a legal entity registered under the Societies Registration Act, 1851.
Procedure of Registration – The association has to enroll its members through online. A dealer can became a part of one market body only. For Registration, that association has to provide details of its office and office bearers. The association has to give TIN numbers in the web portal of the department.
Any number of members can be added during this period. The portal will also help market bodies to monitor the filing of VAT returns.
Target of VAT collection – Target will be 25% above the amount collected in the last financial year.
Click to view Delhi VAT Market Association's Portal
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