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TMI BlogCeiling rate on Declared goods u/s 15 of CST Act are proposed to be increased from 4% to 5% in the Budget 2011-12X X X X Extracts X X X X X X X X Extracts X X X X ..... Ceiling rate on Declared goods u/s 15 of CST Act are proposed to be increased from 4% to 5% in the Budget 2011-12 X X X X Extracts X X X X X X X X Extracts X X X X ..... br>It has been proposed in the Budget 2011-12 to increase the ceiling of 4% on declared goods under section 15 of CST Act to 5%. Currently State Governments cannot levy VAT more than 4% on declared go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ods. Declared goods are those goods which are of special importance and have been defined u/s 14 of CST Act 1956. This increase has been made in view of recent increase in the VAT slab rate of 4% to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5% by many states. This proposed ammendment has been prescribed in clause 74 of the Finance Bill 2011-12 which runs as under: 74. "In section 15 of the Central Sales Tax Act, 1956, in clause (a), f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the words "four per cent.", the words "five per cent." shall be substituted" The relevant notes on clause 74 runs as under: "Clause 74 of the bill seeks to ammend section 15 of Central Sales Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1956, so as to increase the ceiling imposed through the Central sales tax on the power of the States to levy VAT on the "declared goods" from 4 per cent to 5 per cent." X X X X Extracts X X X X X X X X Extracts X X X X ..... r knowledge sharing by authors, experts, professionals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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