Home buyers and property developers need not worry about being levied a service tax if they cannot procure a completion certificate from the local authority. The government could allow some independent authority to certify that the property is complete.
The Maharashtra budget on Thursday proposed to extend VAT exemptions on food articles like rice, wheat and pulses among others for one more year to help control price rise.Finance Minister Sunil Tatkare while presenting the budget for 2010-11 in the Assembly said that despite recommendation from the empowered committee to levy value added tax (VAT) of 4 percent on these goods, the government has decided not to do so in order to keep the prices of these essential items under control.
VAT rates of various commodities in Delhi, which are less than the rates suggested by the Empowered Committee of State Finance Ministers, are termed as deviations. A number of deviations have been done in the past. On account of these deviations we have incurred losses in our revenue collection as well as reduced compensation from the Central government. I propose to remove such deviations on items / commodities and levy VAT as follows :
“There is a high possibility definitely (that China will be labelled as a manipulator), but it is very important to remember that the decision is largely symbolic and does not force any action, other than consultations,” the China Daily quoted Schwab as saying today.
The Maharashtra Government has decided to levy one per cent Value-Added Tax on property sale from April 1, 2010 in its Budget for 2010-11. All sale agreements registered on or after April 1 will attract one per cent on the contract price of flats mentioned in the agreement of sale.
The Union Cabinet today approved the continuation of Guidelines on Corporate governance for Central Public Sector Enterprises (CPSEs) on mandatory basis. The Guidelines have now been made mandatory and are applicable to all CPSEs. The guidelines cover issues like composition of Board of CPSEs, Audit Committee, Subsidiary companies, Disclosures, Code of conduct and ethics, risk management and reporting.
THE Centre asked other states to replicate Maharashtra’s model of fully computerising its sales tax department before GST is introduced in April 2011. Full computerisation has not only helped the state win accolades, but also has resulted in higher tax collections.
Comptroller and Auditor General of India has recommended to close down 10 non-functional state-owned public sector undertakings (PSUs) as they do not serve any purpose. In its report tabled today in the state Assembly, the CAG said, “The process of voluntary winding up of the Companies Act is much faster and needs to be adopted/pursued vigorously.
The disciplinary committee of the Institute of Chartered Accountants of India (ICAI) has held the former auditor of Bhubaneswar Stock Exchange (BhSE), Gokul Chandra Das of M/s. G.C. Das & Co, guilty of professional misconduct.
It was alleged in the complaint that the accused served a show cause notice to the complainant U/s 271 (b) of the Income Tax Act. for not filing the Income Tax Returns for the Annual year 2001-2002 & 2002-2003. He demanded a bribe of Rs. 75,000/- for setting the issue by calling off the notice. The complainant did not want to pay bribe and lodged a complaint in CBI. The CBI laid a trap and the accused was caught red handed while demanding and accepting a bribe of Rs. 75,000/- from the complainant. During searches FDR/KVP around Rs. 30.18 lakhs and cash Rs. 25,000/- were recovered.
