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The Jharkhand Cabinet has decided to reduce VAT on motor parts to 10 per cent from the current 12.5 per cent. The decision was taken at a Cabinet meeting chaired by the Chief Minister, Mr Arjun Munda, the Cabinet Secretary, Mr Aditya Swaroop, told newsmen here.
The Cabinet also approved to amend rules in Jharkhand VAT Act, 2005, as had been decided at the meeting of the Finance Ministers of all states in Delhi recently to bring uniformity in VAT.
According to the amendment, the prevailing four per cent VAT (on goods) would be increased to five per cent, while 12.5 per cent VAT would go up to 14 per cent.
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