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Finance & Taxes
Bihar CM Announces Tax Sops On Food Items 
Bihar Chief Minister Nitish Kumar has declared a rebate in VAT (value added tax) on items of mass consumption so as to give some relief to commoners from the soaring inflation.
He announced this while releasing a publication on the performance report of his governmnet on Friday. Speaking on the occasion, he said that the reduction in taxes of specific items would benefit the commoners to a certain extent. "The impact of inflation has further increased. People across the country have protested against it. There is not much to do in the hands of the state government. But we decided that whatever we could do for this issue, we would by giving rebate in the tax," he added. "As ration (staple food items) and oil are the essential requirements of common people, we have decided to reduce the tax, we have brought the VAT down to four percent. Because of this, the people will get a benefit of close to one rupee in the increased prices of commodities," he said. Source: Sify.com Bihar CM Announces Tax Sops On Food Items Click On "Full Story" For More... (304 words in story) Full Story By ugesh sarkar, Section Finance & TaxesPosted on Sat Jul 10, 2010 at 02:37:58 AM EST
Entry Tax Hits Industry In State
The local industries in the state continue to sustain the adverse effect of entry tax on import of plant and machinery needed for setting up industries, besides entry tax on raw materials which have escalated the cost of production of industrial goods compared to the cost of production in other states.
This situation continues despite the announcement in his Budget speech three months back by deputy chief minister Sushil Kumar Modi in his capacity as finance minister to remove the entry tax on import of plant and machineries needed for setting up industries. The government is yet to issue any notification in this regard. Local entrepreneurs lament that entry tax have cascading effect on the growth of industries in the state. This has affected the industrial climate in Bihar. Wooing investment by big industries in Bihar has become a difficult proposition as entry tax on import of plant and machinery for establishment of industries has driven away or discouraged many aspiring investors, said former president of Bihar Industries Association (BIA) K P Jhunjhunwala. He said the cost of production of goods in Bihar kept increasing in cases where the entry tax on import of raw materials was quite higher than the VAT reimbursement on sale of the finished goods. Due to this, it is difficult to sell the goods produced in Bihar in the other states where prices of the produce of the industries are low because in those states there is no provision of entry tax on import of raw materials for the industries, Jhunjhunwala said. Source: Times Of India Entry tax hits industry in state Click On "Full Story" For More... (412 words in story) Full Story By ugesh sarkar, Section Finance & TaxesPosted on Sun Jun 06, 2010 at 02:35:19 AM EST
Planning Commission Rejects Bihar Govt's Figure of BPL Families, But Accepts Figure of 90 lakh
Against the expectation the member of the Planning Commission, Abhijit Sen, on Sunday did make some plain speaking. He disclosed that the Planning Commission had only a day earlier, that is on Saturday, accepted the Suresh Tendulkar Committee report on poverty and thus the number of BPL families in Bihar is now 90 lakh and not 65 lakh.
However, it is still far less than the Nitish Kumar government's claim that the figure is between 1.4 and 1.5 crore families. Speaking at the three-day International seminar on Poverty in Bihar: Pattern, Dimensions and Eradication Strategies he said the 90 lakh families would have right over foodgrains worth Rs 3,500 crore annually. Sen conceded that the identification of poor is a difficult exercise. But what he said later would not have sounded pleasant for the state government. He said that during 2004-05, that is the last year of the Rabri government, Bihar registered a growth rate of eight per cent and not negative as highlighted by a section of economic journalists recently. Source: Bihar Times Planning Commission Rejects Bihar Govt's Figure of BPL Families, But Accepts Figure of 90 lakh Click On "Full Story" For More... (323 words in story) Full Story By ugesh sarkar, Section Finance & TaxesPosted on Tue Apr 20, 2010 at 03:13:53 AM EST
Bihar Registration, Excise Collections Up Rs 7,740 cr
Bihar registration, excise and commercial taxes departments have exceeded their 2009-2010 targets and have together collected a revenue of Rs 7,740 crore.
By ugesh sarkar, Section Finance & Taxes
The Deputy Chief Minister-cum-Finance Minister, Mr S.K. Modi, on Tuesday said the registration department collected a revenue of Rs 1,150 crore against the target of Rs 925 crore compared to Rs 770.65 crore in 2008-09. The excise department collected Rs 1,080 crore against a target of Rs 950 crore compared with Rs 749 crore in 2008-09. "For the fourth consecutive year the commercial taxes department has maintained a 23 per cent growth rate of revenue earnings compared to 2008-09 with a collection of Rs 5,510 crore in 2009-10," he said. In 2008-09, the commercial taxes department had earned Rs 4,469.69-crore revenue, he added. Source:www.thehindubusinessline.com Bihar Registration, Excise Collections Up Rs 7,740 cr Posted on Wed Apr 07, 2010 at 01:37:08 AM EST
New Amnesty Scheme For Holding Tax Extended To March 31
Deputy chief minister Sushil Kumar Modi said on Tuesday that the last date of depositing holding tax arrears under the amnesty scheme has been extended from February 28 to March 31.
By ugesh sarkar, Section Finance & Taxes
He announced that under the new amnesty scheme house-owners depositing one time holding tax for the current financial year would have their holding tax arrears waived off if they make the payment by March 31. Modi, who holds the urban development and housing portfolio, said that the date has been extended as there is good increase in revenue collection and house owners' inclination to deposit holding tax. He warned that house-owners failing to avail the new amnesty scheme would have to pay penalty at the rate of two per cent interest on holding tax arrears from the date of power connection provided by the BSEB. Modi claimed that against the collection of Rs 26 crores as holding tax last year the collection till January this year was Rs 43.40 crore. Source: Bihar Times New amnesty scheme for holding tax extended to March 31 Posted on Thu Mar 11, 2010 at 02:08:43 AM EST
Excise Dept Targets Rs 100cr Addl Revenue
The excise department has set a revenue target of an additional Rs 100 crore during the current fiscal year.
Excise secretary Amir Shubhani said this could be possible because of steps taken by the department to enhance rate of duty structure, increasing profit margin of Bihar State Beeverages Corporation Ltd and increasing the beer price from Rs 5 to Rs 10 per bottle. The increase in rates has become applicable from this month, he said. He said the rates have been hiked for two reasons. First, it would discourage people to go in for liquor and, second, the department would generate additional revenue for the state’s exchequer. For the last three consecutive year, the excise department has been collecting 40 per cent of the state’s total revenue which is certainly highest and persistent. No other department could achieve this feat, he added. He said the duty on beer had been increased from Rs 5 to Rs 10 as per alcohol percentage content. This besides, the state would now charge Rs 1 per ton for storing molasses which was earlier being charged at flat rate of Rs 500 per year irrespective of its weight. Against the profit margin of Beeverages Corporation Ltd has been increased from 5 per cent to 10 per cent. By way of this increase, the corporation would be able to mop up an additional revenue of Rs 20 lakh. Source: Times Of India Excise dept targets Rs 100cr addl revenue Click On "Full Story" For More... (425 words in story) Full Story By ugesh sarkar, Section Finance & TaxesPosted on Sun Feb 21, 2010 at 10:53:13 PM EST
Bihar Needs Business-Like Approach To Improve Credit Flow: RBI
Reserve Bank of India Deputy Governor KC Chakrabarty has emphasised the need for banks to adopt a "business-like approach" to sort out Bihar's problem of low credit deposit ratio.
By ugesh sarkar, Section Finance & Taxes
The state has a credit deposit ratio or loan assets created by banks from deposits received at about 32 per cent. Addressing the State Level Bankers' Committee (SLBC) meeting in Patna on Friday evening, Chakrabarty said the state must adopt a "business-like approach with focused agenda" to discuss and resolve all banking problems and find out the reasons for low credit flow. "It will be better to discuss the issue to resolve the problems," he said, adding that the meeting must be more business like instead of making speeches and leaving the matter to ministers. Chakrabarty said banks have to reach every family in villages with more than 2000 people within the planned, targeted period, and every family ought to have at least one Kisan Credit Card (KCC). He said the state cannot take refuge in the fact that it does not have good educational institutes for poor off-take of loans. "Education loans are being given to students who read in Delhi, Bangalore and other big cities. The alibi that Bihar has no good institution, is not tenable. Banks are doing good, but a lot more is needed to be done. The credit must flow. The cash deposit ratio has to improve," the RBI deputy governor said. Source: Economic Times Bihar needs business-like approach to improve credit flow: RBI Posted on Wed Jan 20, 2010 at 01:21:14 AM EST
House Passes Land, VAT Bills Amid Opposition
The state government has managed to pass two Bills in the Bihar Legislative Assembly on Tuesday after the Opposition forced a head count by the Speaker to reject the amendments moved by it.
The Bihar Land Dispute Redressal Bill, 2009, and the Bihar Value Added Tax (VAT) Amendment Bill, 2009, were stongly defended by chief minister Nitish Kumar and Deputy CM Sushil Modi. Both of them said they had expected the Opposition to support the Bills. Bihar Land Dispute Redressal Bill, 2009, which was moved by revenue and land reforms minister Narendra Narayan Yadav aims at giving revenue officials jucidial powers to solve land disputes within three months. Cases related to dispossession of the beneficiaries from the government land given to them, ceiling land, Basgit (homestead) Parcha and even private disputes will be now heard by the deputy collectors land reforms (DCLRs). The verdict has to be given within three months. Those who are not satisified with the decision are entitled tto appeal to the commissioners concerned. The Bill met with strong resistance from Ram Dev Verma (CPM) who alleged that the move was aimed at scuttling the rights of sharecroppers. Verma moved an amendment opposing the tabling of the Bill which was rejected by 79 votes against it and 49 in favour. CM Nitish Kumar defended the Bill saying, "At the Janata Durbars for over last four years, I've been getting complaints from the poor about not getting possession of land given to them or being dispossessed by somebody. I felt helpless because they were judicial matters. The persons coming to me were desperate because they were not getting justice even at the CM's level." He pointed out that land revenue officials of UP had already been been given judicial power. Nitish clarified that the judicial powers vested in land revenue officials were not for deciding the title of the land but for quick disposal of the pending disputes. Source: Times Of India House passes land, VAT Bills amid opposition Click On "Full Story" For More... (551 words in story) Full Story By ugesh sarkar, Section Finance & TaxesPosted on Tue Dec 22, 2009 at 10:46:12 PM EST
Bihar Hikes Turnover Cap For VAT Audit
Bowing to demands of small traders and entrepreneurs, the Bihar government has decided to enhance the annual turnover limit for mandatory
By ugesh sarkar, Section Finance & Taxes
VAT audit from Rs 40 lakh to Rs 1 crore. According to the VAT Act, 2005, it was mandatory for every dealer -- whose annual turnover exceeded Rs 40 lakh -- to get his accounts audited by a chartered accountant before December 31 every year. This was, however, opposed by small dealers who pressed for amendment to the existing Act so that the exercise became less cumbersome. The Bihar Chamber of Commerce welcomed the move and said it would be of immense help to small ventures, particularly such units, which are engaged in business in towns other than the state capital. "Getting their books of account audited by CAs was very demanding for small traders as the whole exercise was not only cumbersome but also expensive. States like West Bengal and Gujarat also had such a VAT policy in place and it was therefore in the fitness of things that Bihar too raised the limit," the chamber said. Deputy chief minister Sushil Kumar Modi, who is also in charge of finance, said the government took the step to promote small business ventures in the state. Source: Economic Times Bihar hikes turnover cap for VAT audit Posted on Thu Dec 17, 2009 at 01:48:16 AM EST
Govt Depts, Public Sector Undertaking (PSU) Offices In I-T Defaulters List
Individuals defaulting in income-tax (I-T) payment is quite a common phenomenon. Now, government departments and public sector undertaking (PSU) offices, too, have joined the list of defaulters. Data available about various state government and PSUs offices in Bihar and Jharkhand at least suggest so. And surprisingly, they are no small defaulters. In fact, over Rs 100 crore of I-T department is locked with these offices.
By ugesh sarkar, Section Finance & Taxes
The amount pertains to tax deduction at source (TDS) which these offices are supposed to do and submit the same with the I-T department. The deduction has to be made at the time of payment done by these offices under various heads, including salary payment, payment to contractors/sub-contractors. A senior I-T official working with the TDS wing of the department told TOI some of the prominent defaulters on this front are -- Bihar State Electricity Board (Rs 62 crore), Indian Oil Corporation (IOC), Barauni (Rs 7 crore), State Bank of India main branch, Patna (Rs 1 crore), land acquisition office of Hazaribag in Jharkhand (Rs 1 crore), Uco Bank, Patna (Rs 47 lakh), and chief post master of GPO, Patna (Rs 35 lakh). "The amount contains both the TDS and the interest the defaulters have to pay for not paying the tax in time," said the official. Source:Times Of India Govt depts, PSUs in I-T defaulters list Posted on Sun Dec 13, 2009 at 09:23:10 PM EST
Bihar Attracts Rs.1,032 crore Investment In Four Years
Bihar, one of the poorest states in the country, attracted private investments worth Rs.1,032 core in the last four years, Deputy Chief Minister Sushil Kumar Modi said Friday.
The Bihar State Investment Promotion Board (SIPB) has cleared 220 investment proposals in the past four years, Modi said. 'SIPB cleared 220 proposals of which 22 have already been commissioned and 74 are under various stages of the implementation process,' he said. Modi added that the southern parts of the state remained a favourite destination of industries, while central Bihar was still struggling to attract investors. 'Keeping this in view, the government is now trying to make this area attractive for investors.' He said big industrialists were showing keen interest in Bihar after Chief Minister Nitish Kumar initiated some measures to develop the state's infrastructure. Source: sify.com Bihar attracts Rs.1,032 crore investment in four years Click On "Full Story" For More... (332 words in story) Full Story By ugesh sarkar, Section Finance & TaxesPosted on Sat Nov 14, 2009 at 03:20:26 AM EST
Bihar Shows How To Make Taxes Simple
Bihar, an innovator? A trailblazer? A champion of reform? Surprisingly, all true. Bihar is looking to introduce a revolutionary new model for administering VAT, which would seek to provide a truly simple regime for small taxpayers, and a complete e-governance solution for medium and large taxpayers. This, even as the Empowered Committee of Finance Ministers debates various approaches and options to usher in the Goods and Services Tax.
The Investment Climate Department of the World Bank has been working with the Bihar government on a tax simplification project for the past year. The purpose is to identify changes needed in tax laws, procedures, rules, forms and systems in the commercial tax department, to reduce compliance burdens for taxpayers and increase efficiencies in tax administration. For the purpose, three diagnostic tools were used: a survey of over 1,000 taxpayers and 280 tax accountants, process mapping of the tax administration, and study of other states’ laws and procedures. The survey revealed the majority of VAT taxpayers in Bihar are small (with turnover between Rs 5-20 lakh) trading concerns, with 72% of the businesses having a turnover of less than Rs40 lakh. Less than 9% own a computer. They bear a substantially higher compliance cost—3.5% of turnover—compared to larger businesses for whom this cost is a negligible 0.2% of turnover. Source: Financial Express Bihar shows how to make taxes simple The author is with the Investment Climate Department of the World Bank and was formerly OSD to P Chidambaram Click On "Full Story" For More... (896 words in story) Full Story By ugesh sarkar, Section Finance & TaxesPosted on Mon Nov 09, 2009 at 09:58:33 PM EST
Bihar Chamber of Commerce (BCC) Opposes VAT Rate Hike
Bihar Chamber of Commerce (BCC) on Monday expressed concern over the proposed 1% enhancement in VAT rates to 5% in Bihar.
By ugesh sarkar, Section Finance & Taxes
BCC president P K Agrawal said at the time of implementation of VAT from April 1, 2005, the state government had assured the members of trade and commerce that that it would follow the pattern of West Bengal in all the matters regarding VAT and in framing VAT Act, rules and its rates. The announcement was made at the `VAT panchayat' held at the BCC building on December 12, 2005, in the presence of the chief minister and deputy chief minister, he said. He said discussions are on in New Delhi to replace VAT with Goods and Services Tax from April 1, 2010. In view of this, there was no need for the state to increase the VAT rate which would only create confusion in business community, he added. He said the proposed 1% increase in VAT would lead to rise in prices of various commodities in Bihar compared to other states. Source: Times Of India BCC opposes VAT rate hike Posted on Tue Oct 20, 2009 at 04:25:48 AM EST
Online Accounting To Be Introduced In District Rural Development Agencies (DRDAs)
he accounting system in all the 38 district rural development agencies (DRDAs) and 534 blocks of Bihar is set to witness a major change. The rural development department has decided to introduce online accounting in the DRDAs and blocks through which most of the department works are executed.
A special software — e-Facts — has been developed by the National Informatics Centre (NIC) for this purpose which is tailor made to suit the requirements of the department. While six blocks and one DRDA has started utilizing this new facility, the new accounting system would be put in place at other places in the next few months. “Training of state-level trainers has already been completed and now these trained people, in turn, would organize training in districts for equipping the DRDA and block officials with skills to work under the new accounting system,” rural development department principal secretary Vijoy Prakash said. Source: Times Of India Online accounting to be introduced in DRDAs Click On "Full Story" For More... (409 words in story) Full Story By ugesh sarkar, Section Finance & TaxesPosted on Tue Oct 06, 2009 at 11:46:51 PM EST
Good News For Staff Of Govt-Aided Schools
Depositing provident fund of teachers and non-teaching staff of government-aided secondary schools in PPF accounts, instead of savings
By ugesh sarkar, Section Finance & Taxes
accounts, has been made mandatory. This decision of the Bihar government on Wednesday will ensure higher interest rates on PF savings of teachers and staff of minority schools. The state cabinet also approved over Rs 27 crore as grant for the government-aided minority schools. The tenure of the Bhagalpur riots commission has been extended till February 25, 2010. It was constituted on February 26, 2006 to probe the cases related to the infamous 1989 riots which had not been pursued by the previous regime. The state cabinet also extended the tenure of the judicial commission probing the police firing at Kahalgaon in January 2008. Administrative approval has been given for construction of bridges over the Bagmati river at Belsand in Sitamarhi district and another bridge over the same river in Sheohar district. The estimated cost of the two bridges is about Rs 100 crore. The cabinet also approved funds for preparing a feasibility report and detailed project report for four-laning Gaya-Rajgir-Nalanda NH 82 and Patna-Jehanabad-Gaya-Bodh Gaya NH 83. It also sanctioned over Rs 7.24 crore for DPR for the Bihar State Highway Project I and II. In another important decision, the cabinet increased the annual income cap for entitlement to free legal aid from the Legal Aid Authority from Rs 25,000 per year to Rs 50,000 per year. It also sanctioned Rs 10 crore as establishment cost for IGIMS-Sheikhpura and allotted funds for the state farmers commission. Source: Times Of India Good news for staff of govt-aided schools Posted on Thu Sep 17, 2009 at 09:28:07 PM EST
Income Tax Grievances To Be Registered Online,On Lines Of Existing e-Filing Facility Of Tax Returns
Tax payers will now be able to lodge their grievances with the taxman at the click of a mouse, with the launch of an online complaint redressal mechanism on the lines of the existing e-filing facility of tax returns.
By Tiwari, Section Finance & Taxes
The facility will soon be available on the official website of the Income Tax (IT) department, with the completion of the trial run of this maiden initiative in the next few months. "The department will now start to register the grievances of the taxpayer on the official portal also, similar to the online filing of tax returns facility," said a senior IT official involved in developing the new process. The trial run of this facility named 'Sevottam' is already being experimented on a pilot basis in Mumbai and Udaipur, the official said. While registering online complaints, the tax payer will also receive an acknowledgment number which would have a fixed time limit that will ensure that it is redressed within a stipulated duration. As of now, tax payers have to throng the tax department's offices in order to get their complaints resolved. The online facility will aim to create a hassle-free facility for tax payers across the country, the official added. The IT department's online facilities currently feature services like e-payment of taxes, filing of TDS returns, Annual Information Returns, Online Tax Accounting System (OLTAS), Tax Return Prepares Scheme (TRPS), Tax Information Network and helpdesk, as well as tax payers queries and feedback on the department's official portal. Source: Express News service 07/Oct/2008 Posted on Tue Oct 07, 2008 at 03:53:55 AM EST
CM launches e-service of the Commercial Taxes dept
Chief Minister Nitish Kumar said that the use of software technology would help introduce transparency and bring down corruption in the government departments.
By Dr arvind, Section Finance & Taxes
Speaking at the inaugural function of e-service of the Commercial Taxes department at the Bihar Chamber of Commerce building in Patna on Friday evening he said that the introduction of information technology would help traders in filing VAT returns. Besides, it would offer online registration, and simplify the payment facilities and collection of revenue.  He said that the introduction of e-service would ease the problems faced by the people. Nitish appealed to the traders to take full advantage of the changes taking place in the functioning of the government and increase their business in the state. To popularize the use of technology among the masses e-kiosk would be set up in every panchayat. They would be known as Gram Vasudha, the chief minister said. The Deputy Chief Minister, Sushil Kumar Modi, who also spoke on the occasion, said that the five highest tax paying traders in each circle and district would be honoured by the department. Soon the government would introduce the facility to download C forms. He said the role of the government was not to do business but to change the environment and simplify the process so that the business could flourish. Source: Bihar Times, Aug-25-2008 Posted on Mon Aug 25, 2008 at 04:03:43 AM EST
Tax Cuts On Fuel May Not Hit State's Revenue
The Decision taken by several states to cut local taxes on petroleum products to cushion consumers against this week's steep hike in fuel prices is unlikely to result in loss of revenue for the state governments, experts and industry groups said on Friday.
By Dr arvind, Section Finance & Taxes
Sales taxes and other local levies collected by states also contribute to keeping fuel prices high in the country. Statelevel taxes account for about 17 per cent of the retail prices of petrol, 12 per cent for diesel and 4 per cent for cooking gas.  While the fear of political fallout in an election year has prompted several state governments to cut these taxes, their claim that such reductions would result in losses to exchequer is not entirely true, analysts said. As state taxes on petroleum products are mostly advalorem, which means that they depend on the monetary value of a commodity, there has been a substantial increase in the contribution by the petroleum sector to the state exchequer. Each time petrol and diesel prices are increased, sales tax collection goes up "as these taxes are calculated on an advalorem basis," said a senior official in the central government. The contribution of the petroleum sector to the state budgets has gone up from Rs 29,166 crore in 2002-03 to Rs 38,918 crore in 2004-05 to Rs 55,677 crore in 2007-08. "State level taxes too have been responsible for the pressure on prices of petroleum products. Sales tax collection from oil sector have consistently been contributing to a third or more of the total sales tax collections of the states," the government-appointed Committee on Pricing and Taxation of Petroleum Products said in a recent report. Industry chambers have also called for restructuring of the state tax regime on petroleum products. "There is scope for restructuring sales tax regime on petroleum products at the state level," the Federation of Indian Chambers of Commerce and Industry said. Source: Gauray Choudhury Hindustan Times, June-07-08 Posted on Sat Jun 07, 2008 at 01:20:50 AM EST
Finance Minister P. Chidambaram Extends Tax Breaks For IT Firms
India's finance minister P. Chidambaram extended a tax holiday for software companies located in certain locations while replying to the discussions on the Budget in parliament on Tuesday, but his at least hour-long speech had a bigger, more critical theme: fighting inflation.
The Finance Bill, 2008, (the Budget) was passed by Lok Sabha after a walkout by members of the Left Front, which supports the ruling United Progressive Alliance government without being part of it, because Chidambaram's reply did not address their demands including a complete ban on all futures trading in commodities. The tax holiday for software firms located in parks run by the autonomous Software Technology Parks of India, or STPI, was originally meant to expire in 2009 but has now been extended up to 2010. Chidambaram admitted that the right time to announce this would have been in Budget 2009, but added that he was doing so now because "...as things stand, the budget for 2009-10 may not be presented in February 2009, but only after the general elections..." Chidambaram, who emphasized his opposition to extending tax sops, declined to make concessions on other Budget proposals such as introducing a transaction tax in commodities exchanges. Software stocks rose in a strong Mumbai market, already buoyed by RBI's decision not to increase lending rates. Trade body Nasscom said Chidambaram's decision would benefit back-office firms and small and medium-sized software firms that have already been hit by the rupee's appreciation in 2007 and signs of slowdown in the US. Many larger firms have already secured permission to set up special economic zones which come with their own set of incentives, including a tax holiday. "This benefit will also give us time to come up with other workable and acceptable options for the future, beyond 2010," Nasscom said in a statement. Click on "Full Story" for more... (934 words in story) Full Story By Dr arvind, Section Finance & TaxesPosted on Wed Apr 30, 2008 at 05:26:01 AM EST
Bihar's NDA Government Has Decided To Extend A Five-Year Tax Holiday To Multiplexes
Bihar's NDA government has decided to extend a five-year tax holiday to multiplexes with at least three cinema halls, three year tax holiday to digital cinema halls and two year tax holiday for new entertainment complexes.
By siddharth22, Section Finance & Taxes
"We have decided to encourage promoters giving a five-year tax holiday to multiplexes with at least three cinema halls, three year tax holiday to digital cinema halls and two year ta holiday for new entertainment complexes", Deputy Chief Minister-cum-Finance Minister Sushil Kumar modi said on Sunday. Maintaining that the condition of film halls left a lot to be desired, Modi said the owners would get tax holiday and other incentives if they went in for renovation. "The decision has been taken to give a much-needed boost to the entertainment sector in the state", he said. Modi said the state would have a number of multiplexes in a year or two. Source:The Times Of India,06-03-08 Posted on Mon Apr 07, 2008 at 01:42:16 AM EST
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