Important:
Home » Business » BSY hikes VAT rates in budget

BSY hikes VAT rates in budget

After the hike and no relief from the union budget the state budget will take away more than that will remain with you.

1% Hike in VAT from the next Financial year

Life time tax for cars and bikes to go up

13% Tax on vehicles priced above 5 Lakhs

15% Tax on Tobacco products.

Luxury tax increased

VAT rate 4% increased to 5% on all goods except declared goods.

VAT rate of 12.5% increased to 13.5%

VAT rate of 12.5% on tobacco products increased

to 15%.

Levy of VAT on tobacco products on MRP basis.

some exceptions

Tax on Masala Powder Mixtures, Macaroni, Sports Trophies, Shields and Medals, all kinds of scrap,

Electric generators of less than 15 KVA, railway concrete sleepers, school bags costing up to Rs

200, reduced from 12.5 % to 5 %.

The minimum annual turnover limit for registration increased from Rs. 2 lakhs to Rs. 5 lakhs.

The maximum annual turnover limit for opting for Composition Tax Payment Scheme increased from Rs.15 lakhs to Rs.25 lakhs.

Annual turnover limit for compulsory audit of accounts of dealers increased from Rs.40 lakhs to

Rs.60 lakhs.

Optional scheme for dealers in medicines to pay tax based on the MRP even on sale of other goods.

What Belgaum gets:

An amount of Rs.10 crore will be provided for establishing new chilling plants in Gulbarga and Belgaum divisions.

An amount of Rs.5 crore will be provided for establishing a veterinary college in the name of Shri Bhaurao Deshpande at Athani in Belgaum district.

Infrastructure facilities of the Karnataka Sugar Institute at Belgaum will be improved. This institute will be named after the late Sri S. Nijalingappa.

Necessary action has been initiated for developing airports with private participation in tier-two cities of the State, like Belgaum, Bijapur, Gulbarga, Bellary and Shimoga.

The World Kannada Conference scheduled to be held during the last year was postponed due to various Budget 2010 – 11. It is proposed to hold the same on a grand scale in Belgaum during 2010-11. An amount of Rs.10 crore will be provided for this purpose.

Rs.2 crore will be provided for construction of Kannada Samskruthi Bhavana at Belgaum.

To complete the Suvarna Soudha construction work in Belgaum, which is progressing fast, Rs.150 crore is being provided during 2010-11.

8 comments

  1. thanks

  2. What's the percentage of vat rate for steel products

  3. NANDKISHOR SARASWAT

    ANY HOW FROM NEXT YEAR GST IS GOING TO COME.ON MEDICINES NO NEED TO INCREASE VAT FROM 4% TO 5%.

  4. Any update on the entry tax of vehicles

    Road taxes are the highest in karnataka compared to whole of india

  5. Brahmanand Chipre

    Thats was agr8 update abt the budget for bgm buddy ! thx for this useful info !

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>