Goods and service Tax News, Articles and Notification

Q 1) What is e-payment of Sales tax? Ans: This is the facility provided to the dealer to make sales tax payments on line, using net- banking facility. Q 2) which category of the dealers are required to make e- payment compulsorily? Is it mandatory to pay sales tax on line? Ans: The Commissioner Of Sales Tax will notify the class of dealer eligible for e – payment. Full Article

Trade Cir. No.6T of 2012 In view of the above, it is decided on the administrative grounds to allow carry forward of the refund claim upto rupees one lakh for the return period ending March-2012 to the first return of the next financial year i.e. 2012-13. In case, any dealer, who has already filed the claim of refund, for the period/ periods of 2011-12 in Form-501 and desires to withdraw such claim so as to carry forward his refund then such dealer shall file a revised r.. Full Article

The Study Team will examine the feasibility and also suggest a draft Common Tax Code for service tax and central excise that can be implemented under the present Constitutional scheme, keeping in view the challenges in the context of impending Goods and Service Tax (GST). The Study Team has also been directed to address issues relating to input tax credits with a view to simplify the existing scheme and to mitigate cascading to the extent possible, and to harmonize exist.. Full Article

WCT certificate need to be issued as per the requirement of respective state VAT Act. In the state of west Bengal WCT certificate need to be issued on monthly basis as per rule 47 of West Bengal VAT Rules 2005. We have prepared a Marco in excel which makes the task of preparing WCT certificate in form 18 much easier. Generally it takes around 5-8 minutes to prepare one certificate and need a lot of concentration to avoid any error. Full Article

The Payment date for Quarter or month ending March 2012, is 21st April, 2012 and for Six-month ending March 2012 is 30th April, 2012. The Return due date for the dealers who are liable to file VAT Audit and the non-audit dealers who have opted for composition (other than works contractors and mandap decorators) covered by Section 42(1), 42(2) and 42(3A), meaning the dealers who are NOT liable to file e-Annexure newly prescribed - Full Article

Rajasthan government has changed the rates of exemption fees relating to works contracts of various nature w.e.f. 01st April, 2012. This will have high implication on applications for exemption fees for works contracts made after 1st April, 2012. Following is an analysis of the same. Full Article

LA Bill No.XVII of 2012 regarding the proposed amendments in Tax Laws according to Maharashtra Budget 2012 -Download Maharashtra LA Bill No.XVII of 2012 Full Article

Composition dealers in Maharashtra (excluding works contract composition dealers covered by 5% or 8% Scheme) who are not liable to submit Audit Report in form No. 704 SHALL NOT be required to submit ANNEXURES. No Change in Due Date For Submission of Return or Payment. Due Date Shall Be 30th April. Full Article