National Housing Bank (NHB) has decided to play Santa this Christmas and has announced an issue of tax free bonds with coupon/ interest rates as under:
The scheme for Lump Sum Tax on plywood is optional. No Input tax cedit will be available to a taxable person opting for lump sum taxation scheme. Taxable person opting for lump sum scheme shall be issuing retail invoice only.
Section 4 of Punjab VAT Act has been amended, which relates to constitution of VAT Tribunal. It provides the constitution of Tribunal, number of members in Tribunal, their qualification, appointment office holding period, power and duties of Tribunal members, chairman and Vice – chairman
These amendments relate to sub-section (7) of section 6 and provides: i) That by issuing a notification the State Government may specify such goods, on which a taxable person shall be required to pay tax in Advance
These amendments sought to deny Input Tax Credit if the goods are not sold or used in a specified manner, and it further sought to provide that input tax credit accrued to a taxable person in a particular tax period will have to be utilised in the same tax period.
Excise & taxation Department has introduced Punjab Voluntary Disclosure of Value add Tax scheme, 2013 which will come into force with immediate effect i.e. from 20th Dec 2013. The scheme was introduced to bring a greater transparency in discharge of tax liabilities & applicable for a taxable persons
