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State revenue increased due to effective steps: Himachal government

IANS  |  Shimla 

The government on Sunday said the state revenue had recorded remarkable increase in the wake of effective steps for transparent tax collection and extension of various concessions/facilities to different industry.

The Excise and Taxation Department collected the highest 65 per cent of the state's revenue, with collections in the last three fiscals totalling Rs 15,288 crore. The target for this fiscal is Rs 6,559 crore.

All registered traders and dealers are being brought under the cover of a Group Accident Insurance Scheme by relaxing annual business limit this year.

The insurance premium will be borne by the state and the insurance cover has been increased to Rs 3 lakh from Rs 2 lakh.

Traders with annual turnover of Rs 1.50 crore will be covered under the deemed assessment this year to help them save on time spent on regular evaluation process.

Earlier, the facility was for traders with annual turnover of Rs 1 crore or less.

The dealers are now given information about deemed assessment through departmental website and SMSes.

Small traders with annual turnover of up to Rs 30 lakh are being brought under lump-sump tax payment scheme entailing tax at the rate of one per cent, compared with earlier annual turnover of up to Rs 25 lakh.

Solar cookers and solar lanterns have been fully exempted of earlier five per cent value-added tax. Likewise, VAT on all LED lights has been reduced to five per cent from the earlier 13.5 per cent.

The government reduced VAT on body fabrication of buses and trucks from 13.75 per cent to five per cent.

Tax on packaged water bottles has been reduced to enable the industry compete with establishments in other states.

Tax on fuel purchased by scheduled airlines operating to and from has been reduced from 27 per cent to a mere one per cent to boost tourism in the hill state, where tourist arrivals every year surpass its population of about 6.8 million.

Luxury tax on hotels and homestays in backward panchayats has also been waived for 10 years.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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State revenue increased due to effective steps: Himachal government

The Himachal Pradesh government on Sunday said the state revenue had recorded remarkable increase in the wake of effective steps for transparent tax collection and extension of various concessions/facilities to different industry.

The government on Sunday said the state revenue had recorded remarkable increase in the wake of effective steps for transparent tax collection and extension of various concessions/facilities to different industry.

The Excise and Taxation Department collected the highest 65 per cent of the state's revenue, with collections in the last three fiscals totalling Rs 15,288 crore. The target for this fiscal is Rs 6,559 crore.

All registered traders and dealers are being brought under the cover of a Group Accident Insurance Scheme by relaxing annual business limit this year.

The insurance premium will be borne by the state and the insurance cover has been increased to Rs 3 lakh from Rs 2 lakh.

Traders with annual turnover of Rs 1.50 crore will be covered under the deemed assessment this year to help them save on time spent on regular evaluation process.

Earlier, the facility was for traders with annual turnover of Rs 1 crore or less.

The dealers are now given information about deemed assessment through departmental website and SMSes.

Small traders with annual turnover of up to Rs 30 lakh are being brought under lump-sump tax payment scheme entailing tax at the rate of one per cent, compared with earlier annual turnover of up to Rs 25 lakh.

Solar cookers and solar lanterns have been fully exempted of earlier five per cent value-added tax. Likewise, VAT on all LED lights has been reduced to five per cent from the earlier 13.5 per cent.

The government reduced VAT on body fabrication of buses and trucks from 13.75 per cent to five per cent.

Tax on packaged water bottles has been reduced to enable the industry compete with establishments in other states.

Tax on fuel purchased by scheduled airlines operating to and from has been reduced from 27 per cent to a mere one per cent to boost tourism in the hill state, where tourist arrivals every year surpass its population of about 6.8 million.

Luxury tax on hotels and homestays in backward panchayats has also been waived for 10 years.

--IANS

vg/tsb/dg

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

State revenue increased due to effective steps: Himachal government

The government on Sunday said the state revenue had recorded remarkable increase in the wake of effective steps for transparent tax collection and extension of various concessions/facilities to different industry.

The Excise and Taxation Department collected the highest 65 per cent of the state's revenue, with collections in the last three fiscals totalling Rs 15,288 crore. The target for this fiscal is Rs 6,559 crore.

All registered traders and dealers are being brought under the cover of a Group Accident Insurance Scheme by relaxing annual business limit this year.

The insurance premium will be borne by the state and the insurance cover has been increased to Rs 3 lakh from Rs 2 lakh.

Traders with annual turnover of Rs 1.50 crore will be covered under the deemed assessment this year to help them save on time spent on regular evaluation process.

Earlier, the facility was for traders with annual turnover of Rs 1 crore or less.

The dealers are now given information about deemed assessment through departmental website and SMSes.

Small traders with annual turnover of up to Rs 30 lakh are being brought under lump-sump tax payment scheme entailing tax at the rate of one per cent, compared with earlier annual turnover of up to Rs 25 lakh.

Solar cookers and solar lanterns have been fully exempted of earlier five per cent value-added tax. Likewise, VAT on all LED lights has been reduced to five per cent from the earlier 13.5 per cent.

The government reduced VAT on body fabrication of buses and trucks from 13.75 per cent to five per cent.

Tax on packaged water bottles has been reduced to enable the industry compete with establishments in other states.

Tax on fuel purchased by scheduled airlines operating to and from has been reduced from 27 per cent to a mere one per cent to boost tourism in the hill state, where tourist arrivals every year surpass its population of about 6.8 million.

Luxury tax on hotels and homestays in backward panchayats has also been waived for 10 years.

--IANS

vg/tsb/dg

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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