The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi approved the promulgation of the Dadra and Nagar Haveli Value Added Tax (Amendment) Regulation, 2005. The amendment was promulgated by President Shri Pranab Mukherjee under article 240 of the Constitution of India.
As per the official report, this will substitute the clause (b) of sub-section (1) of section 4 of the Dadra and Nagar Haveli Value Added Tax Regulation, 2005 with the amendment, namely “(b) in respect of goods specified in the Third Schedule, at the rate of five percent.”
This will help the Union territory to generate additional gross revenue up to approximately 120 crore rupees and the net tax generation is estimated to be 7 crore rupees per annum.
What is Article 240?
Article 240 of the Constitution, empowers the President to make regulations for the peace, progress and good governance of certain Union territories in our Country.
Key Points to Remember:
- There are 7 Union Territories in India at present namely the Andaman and Nicobar Islands, Chandigarh, Delhi (National Capital Territory of Delhi), Dadra and Nagar Haveli, Daman and Diu, Lakshadweep and Pondicherry.
- Dadra and Nagar Haveli Capital – Silvassa
- Dadra and Nagar Haveli Administrator – Shri Ashish Kundra