refund scheme

The recent circular no. 120/01/2010-ST dated January 19, 2010 has been issued by the Board for claiming the refund of unutilized Cenvat credit under Rule 5 of Cenvat credit Rules by the service exporters. The above circular has tried to address all the problems faced by the service tax exporters in claiming such exemption. They have tried to give clarification on all the issues. But the famous Hindi proverb “lohe ke chane chabana” (Hard nut to crack) is apt for refun.. Full Article

The I-T department has decided to extend the Refund Banker Scheme that allows refund of excess tax money to taxpayers to nine more cities, including Ahmedabad and Kochi. Full Article

Refund scheme to exporters was introduced by notification n. 41/2007 dated 6th Oct 2007. The scope of refund was enhanced from time to time along with the procedural changes. To make the scheme simple and ensure speedier disposal, two notifications 17-2009-ST and 18-2009-ST have been issued on 7th July 2009 superseding the earlier scheme. Full Article

Trade Circular No.  24 T of 2009,    No. : – ACST/VAT 01/ Refunds/ Mumbai, Dt :  29th August 2009 Subject: -  Grant  of  refund  under  MVAT  Act  to  specified category of dealers – Modifications/clarifications Gentlemen /Sir /Madam, 1. This  office  had  earlier  issued  Trade  Circular  No.  19  T  of  2008  Dt.  23.05.2008, Trade Circular [...] Full Article

TRADE CIRCULAR No.VAT/AMD-1009/1A/ADM-6 Mumbai, Dt. 6th August, 2009. Trade Cir. No. 22T of 2009 Gentlemen/Sir/Madam, Honorable Finance Minister of Maharashtra presented the Budget on 4th June 2009. In order to give effect to the announcements made in the House, certain amendments have been made to the Maharashtra State Tax on Professions, Trades, Callings and Employment [...] Full Article

In its recent Budget Maharashtra State Govt. And its Finance Minister offered a mixed bag for the industry, trade and individuals subjected to professional tax. Keeping in mind not the economic slowdown but the forthcoming State Assembly polls in October, the Finance Minister, Mr Dilip Walse Patil has announced exemption of salary upto Rs 5000 [...] Full Article

As Maharashtra braces up for polls and celebrates its golden jubilee year, it tabled a revenue-deficit budget for the year 2009-10 on 4th June 2009 that focuses on infrastructure development and social sector. The major highlights and changes proposed are noted below : Penalty for late returns under MVAT Act reduced to Rs.5,000/- from Rs.10,000/-. Exemption [...] Full Article