Delhi government introduces amendment to VAT Act

Delhi government introduces amendment to VAT Act

The AAP government on Monday introduced an amendment to the Delhi Value Added Tax (Second Amendment) Bill 2015, which might lead to a hike in prices of petroleum products, tobacco and aerated drinks in the capital.

Currently, VAT on goods under the fourth schedule of Value Added Taxes in Delhi is fixed at 20 percent. The proposed amendment will enable the AAP government to impose VAT varying from 12.5 percent to 30 percent.

Watches worth above Rs.5,000 will also come under this category.

The amendment also aims at facilitating online filing of applications for cancellation of registration.

It also proposes to reduce the per day penalty amount from Rs.1000 to Rs.200 for delay by a dealer in furnishing information relating to closure of business.

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