|
Tax revenues in Jammu and Kashmir touch a high of Rs 4,800 crore
JAMMU, February 21, 2012: The total tax revenue collected
by the state has touched a high of Rs 4,800 crore this year, Jammu
and Kashmir Minister for Finance and Ladakh Affairs Abdul Rahim
Rather said today. "This year, the total tax revenue has touched a high of Rs 4,800 crore compared to Rs 3,400 crore during
last year," Rather said.
The state's finance department is continuously and
comprehensively reviewing its fiscal updates, by virtue of which the state's VAT has increased to about 41 per cent, which is
highest in the country, he added. At the foundation stone laying
ceremony of the branch of the Institute of Chattered Accounts of India's (ICAI), Rather said, "Chartered accountant's
professional advice and expert role in formulation of policies,
legislation and standardisation and improvements in accounting
practices are indispensable for governance..." The ICAI
branch here shall prove beneficial for the local youth to venture
in the field of Chartered Accountancy and update their knowledge
and the acumen of its members, he said. Source: The Economic Times
Indian Film industry to strike on February 23
Mumbai, February 16, 2012: The Indian film industry will
strike on February 23 to oppose the 10.3 per cent service tax that the government has levied on it last October. "The high
service tax is killing the film industry. Both regional and Bollywood industry members - producers, distributors and
exhibitors will be on token strike that day," confirmed TP Aggarwal, VP, Film Federation of India.
The Indian film industry has united for this cause after
several rounds of discussions on it failed to make any headway.
The government announced the 10.3 per cent service tax last
October, increasing the industry's tax burden. According to
producer and V-P of the film producers' guild in Mumbai, Mukesh
Bhatt, more than 50 per cent of a film's budget comprises various
taxes, such as excise, stamp duty, VAT, Octroi and so on.
"This will further shoot up a film's budget, reducing the
chances of its success when released," he points out. It's
the cinema-goers who would finally bear the brunt of this
government move when the ticket prices go up in order to offset
the service tax that the distributors and exhibitors will pay at
their end. "We are already paying huge taxes on the lease
with the mall owners. A further 10.3 per cent tax will have a
trickle-down effect, even for single screens, thus hiking the
ticket prices and possibly hampering the ticket sales,"
explains Sunil Punjabi, CEO, Cinemax India Ltd. He adds that
theatres have started paying the taxes since October 2011 when the
order was passed.
Making all efforts to facilitate industry: Gehlot
Jaipur, February 1, 2012 (PTI): Rajasthan Chief Minister
Ashok Gehlot on Tuesday said his government is making every effort to facilitate trade and industry in the state by addressing their
issues. "After improvement and simplification in the taxation process, traders have felt relief in the last three years,"
he said addressing the inaugural session of the state-level Tax Advisory Committee meeting. He said several decisions were taken
in the state Budget for 2011-12, according to submission given by the Tax Advisory Committee. A relief of Rs 300 crore was provided
to the people of the state by providing VAT exemption on various commodities, he added.
The Chief Minister said the state was ahead in accepting e-payment system and as a result of that, tax worth Rs 7,500 crore
is being collected through information technology. "E-registration, e-payment, e-returns, e-refund have been
implemented by the Commercial Tax department for the facility of the tax payers." Industry Minister Rajendra Pareek,
state Planning Board Vice-Chairman VS Vyas, Additional Chief Secretary CK Methew, Principal Secretary (Industries) Sunil Arora
and representatives of the trade and industry sector were also present in the meeting. |
|
|
