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The department generates the highest tax revenue for the state government. [1] The core function of the department is two pronged: implementation of taxes on various commodities and services as laid out by various tax laws enacted by Government of India and the state government and to maximize the collection of taxes.
The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules. A few states (Gujarat, Tamil Nadu, Rajasthan, Madhya Pradesh, Chhattisgarh, Jharkhand, Uttarakhand and Uttar Pradesh) opted to stay out of VAT taxation system during the initial introduction of VAT but adopted it later.
Tamil Nadu 859.4 912.8 547.3 16 Telangana 484.1 613.7 17 Uttar Pradesh 859.7 949.6 610.8 18 West Bengal 454.7 454.8 285.8 Special Category [c] 19 Arunachal Pradesh 7.1 7.5 5.8 20 Assam 120.8 97.7 47.8 21 Himachal Pradesh 70.4 73.8 48.1 22 Jammu and Kashmir 78.2 101.4 70.7 23 Manipur 5.9 6.4 4.4 24 Meghalaya 11.9 15.6 11.2 25 Mizoram 4.4 4.8 3.7 26
The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and service. Both VAT and GST have the same taxation slabs. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
The Tamil Nadu Value Added Tax Act, 2006; The Tamil Nadu Veterinary and Animal Sciences University Act, 1989; The Tamil Nadu Village Courts Act, 1888; The Tamil Nadu Wakf (Supplementary) Act, 1961; The Tamil Nadu Wakf Board (Appointment of Special Officers) Act, 1991; The Tamil Nadu Water Supply and Drainage Board Act, 1970
A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax .
The department was reconstituted by the Tamil Nadu Board of Revenue Act, 1894. [2] It was adopted by the Madras State post Indian Independence as a part of the Merged States (Laws) Act, 1949. [3] It was renamed in 1980 by the Tamil Nadu Board of Revenue Abolition Act, 1980. [4]
The tax is to be paid by a registered trader within 40 days. As per the rules, every trader whose annual turnover of purchase and sales of the goods included in the taxable schedule is not less than ₹ 5000 and if the annual turnover of purchase and sales of all the goods is not less than ₹ 1,00,000 (one lakh) is supposed to be registered with the local civic body i.e. municipality.