New formula for compounding tax on mustard oil

Lucknow, July 18 (UNI) Uttar Pradesh today announced a new formula for compounding tax on mustard oil units and oil cakes in the state during the current fiscal, which has been hiked by 30 per cent this year.

The state cabinet said the new compounding system would only be implemented if the revenue generated by it crosses Rs 7.50 crore in the current fiscal.

At present, there are 624 mustard oil units in UP.

State chief secretary N C Bajpayee said the government was expected to collect an additional revenue of Rs four crore this year.

In 2005-06, UP collected Rs 5.73 crore tax on mustard oil and oil cakes.

UNI MB VS PA RS1517