Big jump in earning through VAT on jewellery in Bihar

Patna,(BiharTimes): Bihar witnessed 92.84 per cent rise in VAT (value added tax) it collected from sale of jewelleries in the current financial year.

Deputy Chief Minister Sushil Kumar Modi told the Assembly that the state government has earned Rs 5.92 crore from VAT imposed on sale of gold and silver jewelleries till October in the financial year 2012-13. It was only Rs 3.07 crore during corresponding period in 2011-12.

Replying to a question raised by Avnish Kumar Singh of the BJP, Modi, who is also the finance minister, said the sale figure of jewellery was Rs 1,600 crore on a single day on Dhanteras. The figure is as published in media and is not official, he added. He said December 15 is the last day for depositing taxes on
jewellery sale after which only official figures could be arrived at.

Modi said strict legal action would be initiated against anyone found evading tax on jewellery.




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