JHARKHAND BUDGET 2015-16
HIGHLIGHTS ON VAT
INTRODUCTION-
Leading the first majority government of Jharkhand, Chief Minister Raghubar Das has on Tuesday tabled 55,492 Crore annual budget 2015-16 on the floor of the assembly.
Stating that no new tax was being announced in the budget, however, the government would augment revenue collection through royalties earned from coal and iron ore.
Chief Minister in his budget address said that VAT on pig iron, steel scrap, iron ore, palette and Ferro Alloy has been reduced from 5 % to 2.5 % to promote MSME Sector. On the other hand community centres and Dharamshala would be exempted from service tax.
The government proposed reduction of tax from 14% to 5% on plywood, blackboard, flush-door, and laminates.
Most of the industrial and trade houses have appreciated the budget proposal describing it as growth oriented and aimed at creating necessary infrastructure.
For the following items the VAT rate is reduced
|
S.No. |
Particulars |
Pre-Budget |
Post-Budget |
|
1 |
Pig
Iron |
5% |
2.5% |
|
2 |
Steel
Scrap |
5% |
2.5% |
|
3 |
Iron
Ore |
5% |
2.5% |
|
4 |
Palette |
5% |
2.5% |
|
5 |
Ferro
Alloy |
5% |
2.5% |
|
6 |
Plywood |
14% |
5% |
|
7 |
Blackboard |
14% |
5% |
|
8 |
Flush-door |
14% |
5% |
|
9 |
Laminates |
14% |
5% |
Click to view Budget Speech in Hindi
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