TMI BlogCeiling rate on Declared goods u/s 15 of CST Act are proposed to be increased from 4% to 5% in the Budget 2011-12X X X X Extracts X X X X X X X X Extracts X X X X ..... Ceiling rate on Declared goods u/s 15 of CST Act are proposed to be increased from 4% to 5% in the Budget 2011-12 - By: - AMIT BAJAJ ADVOCATE - Value Added Tax - VAT and CST - Dated:- 2-3-2011 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It has been proposed in the Budget 2011-12 to increase the ceiling of 4% on declared goods under section 15 of CST Act to 5%. Currently State Governments cannot levy VAT more than 4% on declared g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oods. Declared goods are those goods which are of special importance and have been defined u/s 14 of CST Act 1956 . This increase has been made in view of recent increase in the VAT slab rate of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4% to 5% by many states. This proposed ammendment has been prescribed in clause 74 of the Finance Bill 2011-12 which runs as under: 74. "In section 15 of the Central Sales Tax Act, 1956 , in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause (a), for the words "four per cent.", the words "five per cent." shall be substituted" The relevant notes on clause 74 runs as under: "Clause 74 of the bill seeks to ammend section 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Central Sales Tax Act, 1956 , so as to increase the ceiling imposed through the Central sales tax on the power of the States to levy VAT on the "declared goods" from 4 per cent to 5 per cent." ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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