Goods and service Tax News, Articles and Notification

Writ petition in Builders case on Circular 14T of 2012 has been dismissed by Hon. Bombay High Court & Extension for administrative Relief and payment Date is also denied. Full Article

No Manual Annual Return in Form VAT 20 after 31st October 2012 for Assessment Year 2011-12 under Punjab Value Added Tax Act, 2005 Full Article

The Department of Trade and Taxes had framed the assessment of quarterly return filing dealers for the Tax period First Quarter 2012-13, on the basis of mismatch in the data filed by the dealers in Annexure 2A and 2B online. This assessment was framed on the basis of data as on 21/09/2012 at 09.00 pm. Full Article

The recent judgment of Bombay High Court in case of MCHI vs. State of Maharashtra has caused further hardship to genuine flat buyers. The Hon'ble Court has upheld the constitutional validity of the amendment made to definition of Sale. The Court has also upheld recent scheme of Maharashtra Govt. to levy VAT of 1% on agreement value of flat purchased or 5% of value of accretion made by the Developers over immovable property. The composition scheme of 1% is applicable in r.. Full Article

Minerals like Granite, Limestone, etc are being extracted from mines by various corporates and others for use in the manufacture of other goods like cement etc for sale or otherwise. Though the mines may be owned by the corporates or may have been taken on long lease, the minerals lying below the surface belongs to the Government. Full Article

Rule 40A has been added to the Punjab Vat Rules, 2005 as per which Every taxable person shall pay annual processing fee of Rs. Eight Hundred only during the month of October alongwith the filing of quarterly return. This processing fee is in lieu of operation, maintenance and upgradation of such facilities and services as electronic issuance of statutory forms, e-filing of returns, e-payment of taxes and such other online and offline services being rendered or proposed t.. Full Article

Value Added Tax made in first opening in France in 1954. At that time it was not a full VAT system, since it was restricted to manufacturers and whole-sellers. The retailers and agriculturist were kept beyond its purview. Full Article

Trade Cir. 18T of 2012 - The format of annexure is made available on website of the Maharashtra Sales Tax Department www.mahavat.gov.in under download banner. The filled yearwise annexure is to be attached with e-mail and to be sent on builderscell@gmail.com e-mail id. Full Article

Trade Cir. No. 17T of 2012 You are well aware that Hon'ble Bombay High Court in case Maharashtra Chamber of Housing Industry (MCHI) has delivered a judgment and confirmed the levy of the tax in respect of sale of under construction flats etc. Thereafter, this office issued a Trade Circular cited at Ref. above and issued instructions with regards to registration, administrative relief and payment of tax by Builders and Developers. Full Article

The Hon'ble Deputy CM and Finance Minister in his Budget Speech on 26th March 2012, declared to levy tax on the sales of Furnishing Cloth at the last point of sale. To give effect to this declaration, the Government has issued above referred 4 notifications. As a result of issuance of notifications cited at Ref. (3) and (4), the sales of the Furnishing Cloth notified under entry 101 of Schedule "C" of MVAT Act are taxable @ 5% with effect from tat September 2012. Full Article