news details |
|
|
| Govt introduces bill seeking entry tax on e-commerce goods | | | Early Times Report
Srinagar, June 20: Government on Monday introduced a bill in the state assembly, seeking taxes on goods from e-commerce portals entering the state. This was done with the aim of safeguarding both local traders and the tax collection system.
The Jammu and Kashmir Entry Tax on Goods (Amendment) Bill was introduced in the State Assembly by finance minister in order to tap the changing trade practices and enhance the revenue collection on account of entry tax.
"As per section three of the Entry Tax Act on Goods Act, 2000, entry tax is collected on goods the value of which exceeds Rs.5000. With a change in trend in business techniques, online shopping has become common and consumers prefer buying goods from various companies delivering them at the destination booked through their online portals. Statistics collected from the minor check post show that most of the consignments are shown below Rs.5000 and hence no entry tax can be levied. In case of the passenger side, minor checkpost at Jammu Railway Station only, per day billing of consignment below the value of Rs.5000 is Rs.15-18 lakhs," the minister said while introducing the bill.
Furthermore, he said that local trade was impacted by such transactions and that dealers of mobile phones had complained to the Commercial Taxes Department that online invoices have taken over the market as they are tax-free and do not incur any other incidental expenses.
"It is also apprehended that the online delivery is split into several bills so as to reduce the value of invoice to avoid entry tax," the minister said. "For example, if consumer has booked goods for Rs.20,000 and has sought delivery of five goods, separate five invoices showing the value of goods below Rs.5000 value are issued," he added. Given this situation, he said the government may think of doing away with the limit for levy of entry tax or may reduce the same so as to enhance the tax base and boost revenue collection. "If we enhance the taxable imports of Rs.15 lakh per day, we will get additional revenue on account of entry tax about one lakh per day which comes to Rs.30 lakh per month and Rs.3.50 crore per year from passenger side only," Minister said."This resource needs to be trapped looking into the changing trade practices of the companies," he said.The minister said more big business houses are trying to resort to the same kind of trade practice which would further affect "our tax collection." |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
