Mvat Notification

  • Apr
  • 21

FAQs on computation of VAT liability of developers after SC judgment in case of L&T Ltd.

In view the judgment of the Supreme Court in case of M/s. Larsen & Toubro Limited & Anr, (65 VST 1), it was necessary to frame rules under MVAT Act to provide for‑ i) the levy of tax on goods which are used in works contract, from the stage when agreement is entered with the flat buyer. ii) the deduction of the actual cost of the land which is higher than that determined in accordance with the Ready Reckoner.

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  • Apr
  • 06

‘Stainless steel wire’ is not declared goods under MVAT Provisions

The Supreme Court in the case of Bansal Wire industries (42 VST 372) had occasion to decide as to whether ‘Stainless steel wire’ is covered within the entry (ix) of Clause (iv) of section 14 of the CST Act, 1956. The Supreme Court referred to entry No. (ix) and entry (xvi) of clause of (iv) of section 14 of the CST Act. It observed the following,

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  • Mar
  • 29

MVAT – Due dated extended for Audit Report in form 704 for 2012-13 by developers to 10th May 2014

It is represented by the Institute of Chartered Accountant of India that in view of the later Trade Circular No. 7T of 2014 , developers are allowed to file revise returns till 30th April 2014. Audit Report cannot be finalized till the time the return are filed. It is, therefore, requested to extend the date for filing of Audit Report pertaining to developers.

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  • Mar
  • 25

MVAT – Dealers to file Annexures J1 and J2 before submitting Return for the period starting from 01-04-2014

The annual sales and purchases information is received by the Sales Tax Department from all the dealers. This information is received as a part of electronic audit reports (e704) and as a part of the last returns of relevant financial year.

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  • Mar
  • 15

Maharashtra Value Added Tax (Amendment) Ordinance, 2014

The period of limitation in respect of certain assessment of dealers, who undertake the construction of fiats, dwellings or buildings or premises and transfer them in pursuance of an agreement alongwith land or interest underlying the land, is to expire on the 31st March 2014. In view of the above, to give sufficient time to such class of dealers as well as to the assessing authorities, for assessment, it is considered expedient to extend the limitation period for assessment upto the 30th September 2015, by adding sub-section (13) in section 23 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005).

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  • Mar
  • 14

Exemption from Late Fee u/s 20(6) of the MVAT Act

Office of the Commissioner of Sales Tax, 8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400 010. TRADE CIRCULAR No. Amd-2013/1C/ADM-8 Mumbai, Date : 11.03.2014 Circular No. 8T of 2014. Sub :- Exemption from Late Fee u/s 20(6) of the MVAT Act Reference: Notification dated 1st January 2014 issued under proviso to sec. 20(6) of the MVAT Act. […]

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  • Mar
  • 01

Amendment to Schedule B of MVAT Act, 2002

No. VAT. 1514/CR.10/Taxation-1.—In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby with effect from the 1st April 2014 amends the SCHEDULE B appended to the said Act, as follows, namely :—

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  • Mar
  • 01

Amendment to Schedule A and C of MVAT Act, 2002

No. VAT. 1514/CR-8/Taxation-1.—In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby with effect from the 1st April 2014 amends the SCHEDULES A and C appended to the said Act, as follows, namely :—

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  • Feb
  • 21

MVAT – Revised returns to be filed by developers

The constitutional validity of the amendment to section 2(24) of the Maharashtra Value Added Tax Act, 2002 was challenged by the Maharashtra Chamber of Housing Industry and others by way of the Writ Petition bearing number 2022 of 2007 filed before the Hon Bombay High Court.

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