VAT hike to check revenue loss - News Summed Up

VAT hike to check revenue loss


Sources said the government was estimating that the tax bill - once implemented - would mop up an additional revenue of Rs 1,000 crore. Commercial taxes minister Bijendra Yadav, who had moved the VAT bill, defended the legislation. Objecting to the VAT bill, BJP's Nand Kishore Yadav said: "You (JDU) have offered your support to the GST that the Union government was about to bring tomorrow in the Parliament. It will fetch Rs 8,000 crore of revenue to Bihar, the basic reason for your support to it. Nand Kishore also pointed out that the government had sharply raised VAT during the last budget session, barely four months ago.


Source: The Telegraph August 02, 2016 22:07 UTC



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