SECTION 48 ¢ General Conditions for claim and grant of set-off: — Purchase to be effected from Registered Dealer. — Purchase should be after appointed day. — On Tax Invoice (as per Sec 86) — Tax invoice should contain the declaration as prescribed under Rule 77. — Signed by selling dealer or his auth...

Every Local Body Tax (LBT) Practitioner is facing daily disputes with Corporation Authorities for levy of LBT qua goods or qua dealer due to misunderstanding of relevant sections under, The Maharashtra Municipal Corporation Act. The relevant sections for dispute in relation to ‘goods’ are section 127(2), 152B and 152P of the Act....

In State GST, the States alone can levy GST and the Centre withdraws from the field of GST or VAT completely. It can be a desirable option given the mismatch in resources and responsibilities of the States. In this case, the State GST will work as the redistributing mechanism. ...

Present Indirect Tax structure of India provides various levies and taxable events in respect of such levies vary, depending upon the nature of tax. The four major constituents of present Indirect Tax structure and taxable events thereof can be described as under:...

In general terms tax defined as a levy of any type of financial charges being imposed by state or central governments on Individuals and Other Entities (includes Education, Corporates and Small and Big Shop keepers) Local authorities like municipal corporations also have the right to impose taxes....

Goods and Service Tax (GST) will be levied on taxable supply of goods and services. GST will be levied on value addition on each stage of supply of goods and services by allowing setoff facilities at each stage to avoid double taxation. GST is the demand of the country. The Central Government is very serious in this regard and we hope tha...

GST is one of the biggest tax reforms since 1947. It would mitigate the cascading effect by subsuming a large number of Central and State taxes into a single tax, and pave the way for a common market. A roadmap towards the stronger nation is stalled in the political walls of Rajya Sabha....

The article is an attempt to provide a detailed overview on the subject but there is a requirement to amend the law to provide clarification about certain key issues and unless otherwise provided in the law, it would only result in litigations and demands being created against the assessee. The law should be clear and unambiguous about th...

Good News for all those who want to trade online on Webportals like Flipkart, Snapdeal or Amazon then you should have a Delhi VAT registration Number (TIN Number) and those who want to start their small medium Businesses. As The Department of Trade and Taxes has made certain relaxations in its rules of granting Registration like No Surety...

Whatever may be the time frame for the rollout and implementation of GST in India, it has huge impact on the business process and to the business houses. The business process have to be changed due to the above mentioned points. The budget session of the Parliament is being proposed from 23rd February, 2016 and it is expected to be placed...