Goods and Services Tax - Page 681

Delha VAT – Dealers to keep records at principal place of business for 7 years

As per the section 48 and Rules 42 & 19 of Delhi VAT Act & Rules, you are also required to maintain and retain prescribed records at the declared principal place of business in Delhi for 7 years....

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DVAT – Online details of Invoice & GR (T-2 Form) of goods procured from outside Delhi

Notification No. F.7(433)/Policy-I I/VAT/2012/1332-1342 (28/02/2014)

Details of Invoice and Goods Receipt (GR) Note in respect of all goods purchased or received as stock transfer or received on consignment agreement from outside Delhi shall be submitted online by dealers, using their login id and password, before the goods physically enter the boundary of Delhi. ...

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First point tax levied on additional items under Punjab VAT wef 01.03.2014

First point tax levied under the Punjab VAT, 2005 on additional commodities with effect from 01.03.2014 Excise and Taxation department has issued notification no. S.O 17/P.A.8/2005/ S.8/2014 dated 21.02.2014 which is effective from 01.03.2014. This is another notification beside the notification issued on 13.12.2013 effective from 01.01.2...

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Representation to Punjab Govt. on restriction of ITC on iron and steel

Representation to Punjab Govt. on restriction of ITC on iron and steel under Punjab VAT I had prepared representation on behalf of Iron and steel industry in Punjab, which has been filed with the Punjab Government for withdrawal of latest notification dated 01.02.2014 regarding restriction of input tax credit on iron and steel goods to [&...

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MVAT – Revised returns to be filed by developers

Trade Circular No. 7 T of 2014 (21/02/2014)

The constitutional validity of the amendment to section 2(24) of the Maharashtra Value Added Tax Act, 2002 was challenged by the Maharashtra Chamber of Housing Industry and others by way of the Writ Petition bearing number 2022 of 2007 filed before the Hon Bombay High Court....

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MVAT – Extension of date for filing Audit Report in form 704 for 2012-13 by developers

Trade Circular No. 6 T of 2014 (21/02/2014)

Earlier it was administratively decided that if an Audit Report in form 704 for the period 2012-13 pertaining to developers (other than those opting for composition scheme) is filed within one month from the due date i.e. on or before 15th February 2014, then penalty under section 61(2) of the MVAT Act, 2002 shall not be imposed....

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Amendment to Schedule B of MVAT Act, 2002

Notification No. VAT. 1514/CR.10/Taxation-1. (20/02/2014)

In the Maharashtra Value Added Tax Act, 2002, in Schedule B, (1) in entry 1, (i) in column (2), the words, figures and letters sold during the period starting on or after the 1st April, 2013 and ending on the 31st March, 2014 shall be deleted;...

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Amendment to Schedule A and C of MVAT Act, 2002

Notification No. VAT. 1514/CR-8/Taxation-1. (20/02/2014)

In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby with effect from the 1st April 2014 amends the SCHEDULES A and C appended to the said Act, as follows, namely....

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DVAT – Extension of Amnesty Scheme till 28.02.2014

Notification No. F.3 (24)/Fin (Rev-I)/2013-14/DSVI/238-243 (18/02/2014)

In the Delhi Compliance Achievement Scheme, 2013, in sub-clause (1) of clause 4, for the words and figures 18th day of February, 2014, the words and figures 28th day of February, 2014 shall be substituted....

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Budget 2014 – No Definitive Timelines for GST and DTC

The two most awaited mega tax reforms, the introduction of a comprehensive Goods and Services Tax (GST) in lieu of multiple indirect taxes and the Direct Tax Code (DTC), have been on the anvil for some time. The Interim Budget 2014 has not spelt out any definitive timeline for introduction of GST and DTC but only requested the political p...

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Goods and Services Tax India

The Goods and Services Tax or better known as GST is a Value added Tax and is a comprehensive indirect tax which is levied on the manufacture, consumption, and sale of goods and services. The Goods and Services Tax in India would replace all the indirect taxes which are levied today on goods and services by the Central and the State governments. GST is intended to be comprehensive for most of the goods and services. Goods and Services Tax is a single indirect tax for the entire nation, which would make India a unified market. It is proposed to be a single tax on supply of goods and services, from a manufacturer to the end consumer. The credit of all the input taxes which are paid at each and every stage would be allowed in the following stages of value addition that makes GST basically a tax on value addition only at every stage. The end consumer would have to bear only the Goods and Service Tax which is charged by the final dealer within the supply chain, together with all the set-off benefits availed at previous stages.

At Taxguru, we provide all the latest GST news to our viewers. Our group of expert keep a close check on all the latest developments and provide a comprehensive analysis on GST updates. We keep updating our portal with articles on GST for the enlightening our readers. Bookmark us for all the GST articles and much more on GST.