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Delhi Budget 2016 Highlights Focus on education infrastructure; watches shoes become cheaper

Budget - By: - Bimal jain - Dated:- 31-3-2016 Last Replied Date:- 2-4-2016 - Dear Professional Colleague, We had promised lowest VAT rates in the country, that process has been started today, Chief Minister Arvind Kejriwal The Delhi Government presented on March 28, 2016, Monday a tax-free budget and rationalised the VAT structure which may reduce the cost of products such as readymade garments, shoes, watches and electric and hybrid vehicles. Shri. Manish Sisodia, the Hon ble Finance Minister o .....

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items such as sweets - namkeen, watches, readymade garments, lower tax rate in neighbouring states was causing erosion in the same, he said. Delhi has registered a growth of 17% in 2015-16, he said, stressing that the Government believed in the idea of ease of doing business. Key Highlights of the Delhi Budget 2016 Rationalisation of VAT rates The VAT rates has been rationalised to make the VAT structure more simple and for promoting ease of doing business. S.No. Goods/Items New Rates Existing r .....

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otwear 5% MRP above ₹ 500/- @12.5% 9. School bags 5% Upto ₹ 300/- @5% Above ₹ 300/-@12.5% Proposed Modification in the Entry of the Schedule S.No. Entry No.-Schedule Proposed Entry Existing Entry 28-III Ferrous and Non Ferrous metals and alloys thereof including their sheets, foils and extrusions and Non-Ferrous metals includes Aluminium, Copper, Zinc etc. Ferrous and Non Ferrous metals and alloys; non- metals such as Aluminium, Copper, Zinc and extrusions of those. 9-IV Un-man .....

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; 1500, which will help in reducing the tax burden on citizens and tourists and make it easy for small hotels to do business. As on today assessment of all hotels is compulsory. Self-declaration is proposed to be introduced for Luxury tax. Assessment will be done on random basis. Excise There has been 31% increase in Excise Revenue Collections, from ₹ 3187 crore in 2014-15 to approximately ₹ 4200 crore this year. Entertainment Tax The revenue collection from Entertainment Tax has see .....

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ty The online search facility is proposed to be started for registered documents shortly. All legacy data since 1985 shall be scanned, digitized and readily made available to public for search. VAT deduction at source by all the Government Departments in respect of Works Contract: As per Section 36A of the Delhi Value Added Tax Act, 2004 ( DVAT Act ) it is the responsibility of the Contractee to deduct the TDS @ 4% if the Contractor is registered and @ 6% when the Contractor is unregistered. And .....

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