Govt okays promulgation of Dadra & Nagar Haveli VAT regulation

New Delhi: The government on Thursday approved the promulgation of the Dadra and Nagar Haveli Value Added Tax (Amendment) Regulation, 2005.

"This (approval of promulgation) will help the Union territory generate additional gross revenue and net tax generation that is estimated at Rs 120 crore and Rs 7 crore per annum, respectively," an official statement said.

The decision was taken in the Cabinet meeting headed by Prime Minister Narendra Modi.

"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 5 percent," it added.