Filter Posts

Reset
Found 11208 Results

Legality of Single Stage Taxation under the Punjab Value Added Tax Act, 2005

On 01-04-2005 Government of Punjab introduced Punjab Value Added Tax Act, 2005 (in PVAT Act, 2005) by abolishing the Punjab General Sales Tax Act, 1948. As the name suggests it’s a tax charged on portion of Value Addition at each stage. At each stage, tax calculated on sales (Outputs) and vendors are able to claim tax credits to recover...

Read More

GST Rates – An Unresolved Issue- GST Knowledge Series-3

One of the crucial issue for successful implementation of GST relates to the determination of the GST rate. Since the GST is primarily intended as an exercise in reforming the consumption tax in India and not an exercise for additional resource mobilisation through discretionary changes, the CGST and SGST rates should be such rates which ...

Read More

GST and Deemed Sales: Needs Clarification

Before the amendment of the constitution by its (Forty-Sixth Amendment) by a series of subsequent decisions, the Supreme Court has, on the basis of the decision in Gannon Dunkerley's case, held various other transactions which resemble, in substance, transactions by way of sales, to be not liable to sales tax. ...

Read More

Highlights of Report on the GST Bill by Select Panel of Rajya Sabha

With the first day’s proceeding of the Monsoon session of the Parliament getting distressed, the Select Panel of the Rajya Sabha had submitted its Report on the much awaited Constitution (122nd Amendment) Bill, 2014 on GST (122nd CAB or GST Bill) on Wednesday, July 22, 2015 in the Rajya Sabha amid Opposition furore over the Lalit Modi r...

Read More

Representation on claim of Input Tax Credit on LPG by hotel industry under PVAT Act, 2005

I had prepared a reprsentation on allowance of input tax credit on purchase of LPG to the Hotel Industry. This representation was prepared on behalf of Hotel Industry of Punjab and has already been sent to Dy. Chief Minister of Punjab on 15.05.2015. The Dy. CM Punjab has already forwarded this representation to the Financial […]...

Read More

Haryana VAT- Taxable Turnover for Builders

CA Sumit Grover In Sep’13, Hon’ble Supreme Court in case of L&T held that the construction activity by builders pertaining to sale of flats prior to completion certificate are also subject to levy of VAT. The said verdict opened a Pandora Box regarding valuation for the periods prior to the date of judgment. To resolve […]...

Read More

What is GST and its Benefits

GST is levied at every stage of the production distribution chain with applicable set off in respect of the tax remitted at previous stages. It is basically a tax on final consumption. GST is to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. ...

Read More

Input Tax Credit on Liquefied Petroleum Gas used by Hotels/ Restaurants under PVAT Act, 2005

Now a day’s cooking of foods products by the Hotel Industry/ Restaurants are mostly done with the help of Liquefied Petroleum Gas. Liquefied Petroleum Gas is the major ingredient used for converting raw food into final product. However the Excise & Taxation Department is disallowing Input Tax Credit on the purchase of Liquefied Petroleu...

Read More

Goods & Service Tax – Key Features- GST Knowledge Series-2

Goods & Service Tax – Key Features In continuance of our earlier series titled GST Knowledge Series# 1, Understanding the Mechanics of Goods & Service Tax, we have discussed the basic DNA of Goods & Service Tax popularly known as GST. These features as applicable to India were: DUAL GOODS AND SERVICE TAX APPLICABILITY OF [&h...

Read More

Why 1% Additional Tax over and above GST is required to be removed

Intention of the Central Government (CG) looks clear on implementation of Goods and Service Tax (GST) in the Country. However, on close reading of Clause 18 the Constitution (122nd Amendment) Bill, 2014 and its impact on the general business and commerce in the Country, it appears that the things are absolutely different than what is bein...

Read More