HIMACHAL PRADESH BUDGET 2015-16

Himachal Pradesh’s Chief Minister Virbhadra Singh, who also holds the finance portfolio presented the budget of Rs 28,339 crore for 2015-16 on 18th March,2015. The government has announced tax concessions for few commodities.

TAX CONCESSIONS-

The VAT Rates have been reduced for the following items :

* Energy Efficient Chullahs certified by The Energy & Resources Institute (TERI), or approved by the Ministry of New and Renewable Energy will be exempted from VAT.

EASE OF DOING BUSINESS-

1. Increase in exemption limit-

The exemption limit for the dealers of Dhabas, Halwai, Chai and Chat shops is enhanced from Rs.5 Lakhs to Rs.8 Lakhs w.e.f 1st April,2015.

2. E-Payment is made compulsory-

For effective and transparent tax collection and to facilitate dealers, e-Payment is being made compulsory for all registered dealers under the Himachal Pradesh Value Added Tax Rules, 2005 and Central Sales Tax (Himachal Pradesh) Rules, 1970.

3. Lump-Sum Scheme of Tax Payment under VAT Act-

In order to benefit a large number of Small Dealers in the State, Dealers making Inter-state purchases or sales, are brought under the Lump-Sum Scheme of Tax Payment under the VAT Act. Earlier, dealers with turnover limit of up to Rs.25 Lakhs, who make purchases or sales within the State were covered under this Scheme.

ENTRY TAX-

New industries will be charged entry tax at the rate of 1% on industrial inputs, instead of 2%.

Budget 2015-16 - Budget Speech