Declared goods

I had given a clarification two days back in an article titled 'PVAT Act 2005 – Declared Goods except wheat and paddy will be taxable @ 4.4% w.e.f 08/04/2011' that surchage is also applicable on declared goods other than Paddy and wheat, since the ceiling rate of tax was enhanced from 4% to 5% by the Central govt in the Budget of 2011-12. Full Article

Ceiling rate on declared goods have been enhanced from 4% to 5% by Central Govt in the Budget of 2011-12. Which follows that rate of tax on declared goods cannot exceed 5%. Rate of tax on paddy and wheat has been enhanced by the Punjab Govt from 4% to 5% by including these goods in schedule B of PVAT Act 2005. Full Article

A new entry in Schedule C has been inserted to cover the declared goods, as specified under the Central Sales Tax Act, 1956 which will continue to attract tax at 4%. Notification No. 4/5/2005-Fin(R&C)(78) dated 4 May, 2010 read with Notification No. 4/5/2005-Fin (R&C) (77) dated 4 May, 2010 Full Article

VAT rate of 4% proposed to be increased to 5% on all goods except declared goods. VAT rate of 12.50% proposed to be increased to 13.50%. VAT rate of 12.50 % on tobacco products proposed to be increased to 15%. Full Article

Punjab VAT notification levying additional tax ; Effective February 5, 2010, dealers are required to charge an additional tax calculated at 10% of the amount of tax payable. The additional tax in respect of liquor shall be effective April 1, 2010., Punjab Entry Tax notifications levying entry tax on certain goods Full Article

Declared goods are the goods of special importance on which there are certain restrictions placed under CST Act 1956 on imposition of sales tax or VAT by the states. Article286(3)(a) of the Constitution of India authorises parliament to declare some goods as of special importance and to impose restrictions and conditions in regard to power of the states in regard to levy, rates and other incidence of tax on such goods. Full Article