{"id":2337,"date":"2016-03-25T12:58:20","date_gmt":"2016-03-25T07:28:20","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2337"},"modified":"2021-12-20T15:03:16","modified_gmt":"2021-12-20T09:33:16","slug":"corporate-and-professional-update-dated-march-242016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-242016\/","title":{"rendered":"corporate and professional update  dated march 25,2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eab5a220f58\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eab5a220f58\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-242016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_252016\" title=\"CORPORATE AND PROFESSIONAL UPDATE \u00a0DATED MARCH 25,2016\">CORPORATE AND PROFESSIONAL UPDATE \u00a0DATED MARCH 25,2016<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-242016\/#Major_Changes_in_VAT_vide_Haryana_Budget_2016-17\" title=\"Major Changes in VAT vide Haryana Budget 2016-17\">Major Changes in VAT vide Haryana Budget 2016-17<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/lh3.googleusercontent.com\/-WtegS65cKrs\/VrBFF56P0SI\/AAAAAAAAAe0\/2WE6cTz9WfE\/w483-h287\/vat-registration-in-belgium.jpg\" alt=\"\" width=\"794\" height=\"472\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_252016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE \u00a0DATED MARCH 25,2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Major_Changes_in_VAT_vide_Haryana_Budget_2016-17\"><\/span><span style=\"color: #0000ff;\"><strong>Major Changes in <a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a> vide Haryana Budget 2016-17<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">State Finance Minister Capt. Abhimanyu\u00a0on Monday\u00a0presented Haryana Budget 2016-17 with the motto of \u2013\u00a0<strong>\u201cSabka Sath, Sabka Vikas\u201d<\/strong>. It is the second budget of Chief Minister ML Khattar led BJP government. The Budget for this year is increased by 28.4 percent to Rs. 88,781.96 as compared to the previous year&#8217;s budget of Rs. 69,140 crore.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong><span style=\"text-decoration: underline;\">Rate of Tax:- <\/span><\/strong><\/span>No new taxes are proposed in the budget. However, the tax rates are proposed to be reduced for some industries, which is expected to have a beneficial impact across the sectors of the state economy.<\/p>\n<p style=\"text-align: justify;\">To be precise, below mentioned changes are proposed:-<\/p>\n<ul style=\"text-align: justify;\">\n<li>Reduction in the tax rate on footwear having MRP above Rs. 500\/- from 12.5 percent to 5 percent and exempting shoe uppers from VAT to give a boost to the footwear industry.<\/li>\n<li>To encourage agro-based industries in the State, Tax exemption on \u2018Khal\u2019, \u2018Binola\u2019, \u2018Besan\u2019 and \u2018cotton yarn manufactured in the State and Tax reduction on Vermicelli (Sewing) from 12.5 percent to 5 percent to give incentive to industries, which use agriculture produce of the State for manufacturing.<\/li>\n<li>To promote a clean environment, tax rate reduction from 12.5 percent to 5 percent on the sale of electric vehicles.<\/li>\n<li>Exemption on \u201cChhota Toka\u201d (leafy vegetable cutter for kitchens) in order to provide relief to households and to encourage the Micro and Small Enterprises in the State.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong><span style=\"text-decoration: underline;\">Amnesty Scheme: &#8211;<\/span><\/strong><\/span>An \u2018Amnesty Scheme\u2019 for granting relief in respect of tax, interest, penalty, and other dues to the affected registered dealers whose goods have been lost or destroyed during the reservation agitation in February 2016 is also proposed to be introduced as a relief for Violence-hit Traders.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong><span style=\"text-decoration: underline;\">Submit Bill, Get Prize Scheme<\/span><\/strong><strong>:- <\/strong><\/span>To encourage the customers to obtain bills\/invoices for goods purchased, the Government proposes to introduce the \u201cSubmit Bill, Get Prize Scheme\u201d. This will enhance compliance on the part of the sellers\/dealers, resulting in more revenue to the State exchequer.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong><span style=\"text-decoration: underline;\">Real-estate sector: <\/span><\/strong><\/span>Deen Dayal Jan Awas Yojana is being implemented in the State to encourage the development of high-density plotted colonies with a density of 240-400 persons per acre with a project size of 5 to 15 acres with 65 percent saleable area in Low and Medium Potential towns of the State, wherein small plots are made available through a liberal policy framework.<\/p>\n<p style=\"text-align: justify;\">Further, the Licence fee and EDC rates have been reduced substantially, while the conversion charges &amp; IDC stand waived off to attract developers to implement such projects in small towns. This policy shall put a check on the development of unauthorized colonies on one hand and on the other it will make it possible to achieve the target of \u2018Housing for All\u2019.<\/p>\n<p style=\"text-align: justify;\">The liberal and transparent New Integrated Licensing Policy (NILP) is expected to unleash a momentum of investment in the real estate sector, ensuring enough supply of houses for all at economical prices. The Government has also initiated the process of Transferable Development Rights (TDR) for enabling small landowners to participate in the process of infrastructure development. The Government has also announced the Transit-Oriented Development (TOD) 30 Policy providing for a higher concentration of population with upgraded infrastructure around the Metro routes.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong><span style=\"text-decoration: underline;\">E-facilities<\/span><\/strong><strong>: <\/strong><\/span>The State Government has started the online facility of e-Registration, e-Payment of tax and e-Filing of returns, e-tendering, and issuance of C-Forms. The Government has launched e-Permits and e-Pass system for the excise licensees, to streamline the movement of liquor and to curb illegal business of it in the State.<\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE \u00a0DATED MARCH 25,2016 Major Changes in VAT vide Haryana Budget 2016-17 State Finance Minister Capt. Abhimanyu\u00a0on Monday\u00a0presented Haryana Budget 2016-17 with the motto of \u2013\u00a0\u201cSabka Sath, Sabka Vikas\u201d. It is the second budget of Chief Minister ML Khattar led BJP government. The Budget for this year is increased by 28.4 percent &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933,150,9,4],"tags":[9156,4266],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2337"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=2337"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2337\/revisions"}],"predecessor-version":[{"id":20261,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2337\/revisions\/20261"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}