Insertion of section 3(11): This new section has been inserted to collect advance tax from importers at the time of import. The liability to pay tax has been fastened from point of sale to point of import. Notification in this regard shall be issued by Department which will outline the items, condition, exemption and rate of advance tax on such items.
Govt. has prescribed an online form (DS-1) for outward movement of goods from Delhi to all places outside Delhi before the actual movement of goods occur. Earlier the Delhi Govt. prescribed form T-1 for outward movement of goods but that form was applicable for few commodities like petroleum products, tobacco and gutka. Delhi is a trading hub and manufacturing is negligible in this state which means almost all the goods are imported from outside Delhi and sold in local market to buyers of other states. The Govt. has collected extensive data for import of goods into Delhi through form ds-2 which was prescribed for import of goods into Delhi from 15thSeptember 2015. There is no exemption for filing of form DS-2 which means for a single consignment form Ds-2 needto be filed. As of now there is no exemption granted in the notification dated 19-05-2016 for any kind of commodity or goods for filing form DS-1. Now I will discuss each and every aspect of this form in detail manner with suitable illustrations if necessary.
This article has been written to give you clarity on the changes introduced through annual budget of Delhi Govt. (2016-17) which was presented on 28-03-2016. The changes which were announced in the budget do not automatically become applicable unless a gazette notification is issued in this regard.
In a move towards GST the Delhi Govt. has issued DVAT amendment rules 2016 on 12-04-2016. These rules have been issued keeping in mind the compatibility which will be required at the time of implementation of GST with effect from a future date which will be known once the constitutional amendment bill is passed in Rajya Sabha
In order to minimize the compliance burden on small dealers a single tax rate is fixed at a low level which is directly linked with the turnover amount. The input credit is not allowed to these classes of dealers against purchases made and restriction is put on issuance of tax invoice.
The Annual Budget of Delhi Govt. was presented on 28th day of March 2016 by Finance Minister Manish Sisodia. The budgeted expenditure for the FY 2016-17 is estimated to be 46600 crore and receipts would be 41772 crore. This budget for GNCTD is a statement of tax collected from hard earned money of the people of Delhi and its honest utilization. In this article our discussion is limited to tax proposals only which include VAT.
Before the article goes into its technicalities it is worth to remind you about the budget of Delhi Govt. presented by Deputy CM Mr. Sisodia and the budgeted receipts for FY 2015-16 were Rs. 41500 Cr. out which Rs. 24000 Cr. was from VAT and as per reports till first week of January 2016 the Govt. has collected Rs. 14720 Cr. meaning hereby deficit of Rs. 9000 Cr. need to be collected in just 02 and half month.
Electronic commerce, commonly written as e-commerce, is the trading or facilitation of trading in products or services using computer networks, such as the Internet (From Wikipedia, the free encyclopedia). In recent time the transactions conducted through e-commerce have grown manifold and Govt. is little concerned on its taxation parts specially VAT.
CA Vinod Kaushik Introduction:- In its best attempt to meet the budgeted targets of Rs. 24000 Cr for VAT collection the Delhi Govt. is taking all important decisions related to boost the tax collection. In last few months we have seen a series of notification which have been issued to curb tax evasion such as […]
The introduction of form DS-2 was an important step taken by Delhi Govt. few months back to curb the practice adopted by some tax evaders. The level of pollution has grown manifold in last year but the collection of taxes especially VAT is 40% short of its annual target of Rs. 24000 crores.
