Central sales tax ceiling increase permits greater state VAT on declared goods, altering intergovernmental indirect tax allocation. The Finance Bill proposes: substitution of Standards of Weights and Measures with the Legal Metrology Act in the excise schedule; an increase in the statutory Central sales tax ceiling to permit higher state VAT on declared goods; removal of specified sugar and textile tariff headings from the Additional Duties of Excise Act to allow state VAT; and omission of provisions in the SEZ Second Schedule that excluded certain dividend and distributed-profits tax treatments for SEZ developers and enterprises.
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Central sales tax ceiling increase permits greater state VAT on declared goods, altering intergovernmental indirect tax allocation.
The Finance Bill proposes: substitution of Standards of Weights and Measures with the Legal Metrology Act in the excise schedule; an increase in the statutory Central sales tax ceiling to permit higher state VAT on declared goods; removal of specified sugar and textile tariff headings from the Additional Duties of Excise Act to allow state VAT; and omission of provisions in the SEZ Second Schedule that excluded certain dividend and distributed-profits tax treatments for SEZ developers and enterprises.
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