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Budget 2011 and GST

  11 Feb 2011   0 comment
his year’s (2011-12) Union Budget assumes greater importance in the wake of ongoing high level of corruption and financial irregularities in almost every sphere of governance, thus putting tremendous pressure on the exchequer and fuelling bad money in the system. Also, the present governance and banking system has been unable to tame t...

Budget 2011 – Bridging Gap between Present and Proposed Indirect Tax Structure in India

  09 Feb 2011   0 comment
The month of February is always a speculation filled month in India as at the end of the month India receives a Budget for the coming fiscal year. Bearing in mind the proposed overhaul in the tax arena in India, Budget 2011-12 will surely play a cruc...

Locking of TIN No. under rule 51A of PVAT Rules

  04 Feb 2011   0 comment
Rule 51A of Punjab VAT Rules has been added in the Punjab VAT Rules 2005 w.e.f 12-09-2008 to provide for the locking of TIN No of a dealer in certain circumstances. Locking the TIN no means the temporary stoppage of interstate movement of goods of the concerned person for the purpose of verification or further legal action. Temporary stop...

Tax Payable in works contracts under Punjab VAT Act 2005

  04 Feb 2011   0 comment
Here in this article the tax payable in case of works contracts is concentrated on in view of the addition of new provisions in this regards u/s 8 of the PVAT Act 2005. Section 8 of PVAT Act 2005 which deals with the rates of tax has been amended w.e...

Summary of Provisions Relating To Refunds under Punjab Vat Act 2005

  01 Feb 2011   3 comments
Refund under Punjab VAT Act 2005 may arise due to many reasons. VAT Refund usually arises to the exporters or the person doing penultimate export i.e. sales against H forms, due to the fact that the export of goods outside India is considered as zero rated sales i.e. not liable for any vat liability and the tax paid on purchase of goods w...

VAT implications on Intra State Stock Transfer – Life after Delhi High court decision in Havell’s and ITC

  30 Jan 2011   3 comments
Stock transfers to a branch or consignee have been the norms of trade in both pre and post VAT regime. Further, Stock Transfer can be both inter-state and intra-state. · Various businesses contemplate options of selling the goods to another ...

Tax deduction from Works contracts only to be on the taxable turnover involved in works contract -Punjab VAT Act

  15 Jan 2011   0 comment
Almost all States under their respective VAT laws have made provisions for deduction of VAT from payment to be made to the works contractors at the time of the payment (popularly known as works contract tax or VAT TDS on works contract). The Punjab VAT Act is no exception in this regard. Section 27 of PVAT Act deals with the provisions re...

For Debate – Change In CST Act?

  19 Dec 2010   0 comment
We aim to be an efficient and effective tax administration respected for fairness, transparency and professionalism.” If a registered dealer/company is not issuing form C, even though the same is mentioned in their purchase order, the invoices are raised accordingly, Sale tax dept collects additional tax, penalty from the Seller &...

Understanding E1 AND E2 Sales under CST Act 1956

  16 Dec 2010   48 comments
Central Sales Tax Act 1956 envisages single point of taxation i.e. tax at the first point of sales. Subsequent sales during the movement of the goods from one state to another have been exempted under section 6(2) of CST Act. Before proceeding to understand which sale is exempted under section 6(2) and the conditions for exemption, one sh...

VAT Rate changes in Chandigarh & West Bengal

  04 Dec 2010   1 comment
Chandigarh VAT rate change Effective 26 October, 2010, the basic rates of VAT in Chandigarh has been enhanced, as mentioned below: Particulars Rate up to 25 October, 2010 Rate with effect from 26 October, 2010 Goods falling under Schedule B an...

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