GST system depends upon online matching of supplier GST liabilities with relevant input GST credit claims by receivers of goods or services. In my opinion, for having a seamless and easy system of matching credits, GSTN should provide for online generation of TAX INVOICES by suppliers, which will altogether eliminate need for data entry of purchases by receivers of the supplies received and hence no need for reconciliation/matching of output GST database with input credit claims database.
Maharashtra Sales Tax Department is making substantial changes in its automation processes relating to taxpayer interface, w.e.f F.Y 2016-17. This is expected to result into significantly more efficiency in the working of the Department, less errors due to minimum human intervention and maximum benefits in relation to time management.
Though Budget is not the only policy initiative available with the Government for making major contributions to economic progress, it has over the years assumed great importance as most comprehensive single declaration from the government every year about its policy intentions.
Please find below a compilation of queries received by us in response to Notes related to LBT Exemption put up on our website along with related opinions from our side . While care has been taken to comprehend the issue alongside applicable legal provisions, it is submitted that considering the fact of frequent changes in LBT laws and likelihood of issuance of further clarifications by the Authorities, users of information published in this FAQ should note that the opinions expressed do not constitute legal advice and users are therefore advised to refer the matter to us for personal interaction about all aspects of the issue involved.
In order to settle at rest confusion regarding meaning of Turnover for eligibility under LBT exemption, now a clarification has been issued by Urban Development Department (UDD) vide Notification No. LBT. 2015 / C.R. 42 / UD-32 dated 15 September 2015 in Maharashtra. The UDD has stated that the turnover of the dealer within the municipal corporation area is required to be considered.
The Local Body Tax called as LBT was introduced in Maharashtra in April 2013, replacing Octroi for certain cities other than Mumbai. Maharashtra Provincial Municipal Corporations Act, 1949, is the Act under which levy of LBT is being made in certain municipal corporations.
While great activity being done by Central & Maharashtra State Government for the success of Make in India & Ease of doing business Initiatives, an unintended hardship seems to have been placed on manufacturers in Maharashtra through a Budget 2015-16 provision for levy of entry tax on iron and steel goods purchased from outside the State of Maharashtra.
Implementation of GST is set to be the biggest tax reform hitherto ushered in the country. GST will be a Destination based Consumption Tax & will cover both intra State and Inter State trade & Commerce. Inter State Sales will be subjected to IGST which is combination of CGST & SGST.
(A) Inordinate delays in granting of Refunds – Huge amount of refunds which are payable to the dealers at large are lying with the Department due to lack of support from Mahavat system. From FY 2008-09 onwards, Form 704s have been filed electronically and data for dealer wise sales is available in the database of the Department.
Entry 2B: For safe disposal of medical and clinical wastes, services provided by common bio- medical waste treatment facilities exempted. Entry 7: Exemption withdrawn to services by way of technical testing or analysis of newly developed drugs, including vaccines and herbal remedies on human participants by a clinical research organization approved to conduct clinical trials by the Drug Controller General of India.
