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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...

Input Tax Credit on Gross Loss arising, If any from Sales will be reversed under Punjab Vat Act 2005

  13 Nov 2010   0 comment
The Excise and Taxation Department, Government of Punjab has amended rule 21 of Punjab VAT rules to add sub rule 2-A in the said rule to provide for that ITC shall be allowed to a taxable person to the extent of tax payable on the resale value of goods or sale value of manufactured/processed goods where such goods are sold below the purch...

Details of changes in new Maharashtra VAT audit report format Version 1.2.1

  11 Nov 2010   0 comment
Details of changes in VAT audit report format Version 1.2.1 1. Part 1- 2(B)(b) Schedule and annexure as applicable to be ticked, compare to be score out which were not applicable. A welcomed change, in earlier report no one was took effort to ...

Some Views on Security for Registration under Punjab Vat Act 2005

  08 Nov 2010   0 comment
For registration under the Punjab VAT Act 2005 one of the requirement u/s 25(1) is furnishing of security for securing the payment of tax under PVAT Act 2005. This requirement is compulsory as per the wording of section 25(1) of PVAT Act 2005 which runs as under: Every person applying for registration under this Act, shall furnish a secur...

Filing VAT Return Ver.1.2.2 – How to handle uploading errors?

  01 Nov 2010   0 comment
I tried many variations to get it uploaded but nothing succeeded. I visited many web site to get a solution for this but instead of getting a solution I found many visitors were asking the facing the same problem and no answer was available. Eventua...

Extend the time limit for furnishing of reconciliation return in Form DVAT 51, up to 31st December, 2010 for Ist, quarter of the year 2010-11

  28 Oct 2010   0 comment
Extend the time limit for furnishing of reconciliation return in Form DVAT 51, up to 31st December, 2010 for Ist, quarter of the year 2010-11 GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002 TEL NO. : 011 23319691, 011 23318568, FAX NO. : 011 […]...

GST- It must be better late than never!!

  21 Oct 2010   0 comment
GST, when implemented, will replace many of the taxes and will obviously reduce the paper work, man power and money. Further, there are no. of ambiguities in certain cases which makes it difficult to ascertain as to which law is applicable. For eg. s...

No Input Tax Credit under PVAT Act on Purchase of Diesel used for capitve generation of electric power

  16 Oct 2010   0 comment
The Honourable Punjab and Haryana High court has held in an important decision in the case of State of Punjab & others. Vs. M/s Malwa Cotton & Spinning Mills Ltd. (decided on 24/08/2010) reversing the decision of the Punjab VAT Tribunal that no input tax credit will be available on the purchase of Diesel used in generation of electric pow...

Some issues pertaining to C forms under CST ACT 1956

  12 Sep 2010   135 comments
under CST Act as lot of Assessments are pending under VAT and CST Acts and many dealers are facing problems in getting and producing the C forms for finalization of their assessments. Some important issues relating to the C forms are discussed as below for the benefit of dealers all around India:...

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