vat refund

Section 39 of Punjab VAT Act 2005 deals with refund of tax. Some welcome changes have been made in said section by adding a new sub section 1-A to the said section which provides for provisional allowing of 75% of amount of refund claimed under PVAT Act subject to furnishing of indemnity bond in prescribed format and subject to such terms and conditions as may be prescribed. Full Article

MVAT circular on Grant of Refunds and specifies Fresh Guidelines for Disbursement of Refunds TRADE CIRCULAR No.VAT/Refund/ACST VAT 1 Trade Cir – 22T of 2010, Date: 05/10/2010 Sub:    Grant of Refunds Fresh Guidelines for Disbursement of Refunds Gentlemen/Sir/Madam, Background: After the introduction of VAT, a large number of refund applications are being filed, as compared [...] 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