Goods and Services Tax : Introduction In the case of construction projects, it is common to enter into development agreements where the developer undertake...
Goods and Services Tax : Notification No. 4/2018-Central Tax (Rate), dated 25th January, 2018 has clarified taxability of development rights under redevelo...
Goods and Services Tax : Recent GST Council meeting decisions under which, were announced in the press conference by the Finance Minister on 06.10.2017, pr...
Goods and Services Tax : Articles deals with following issues related to GST which needs to be taken care of immediately before roll out date of GST 1. HSN...
Goods and Services Tax : Following measures can be adopted to curb the practice of undisclosed turnovers in the GST law. 1. Discouraging Without Bill Sales...
In order to settle at rest confusion regarding meaning of Turnover for eligibility under LBT exemption, now a clarification has been issued by Urban Development Department (UDD) vide Notification No. LBT. 2015 / C.R. 42 / UD-32 dated 15 September 2015 in Maharashtra. The UDD has stated that the turnover of the dealer within the municipal corporation area is required to be considered.
The Local Body Tax called as LBT was introduced in Maharashtra in April 2013, replacing Octroi for certain cities other than Mumbai. Maharashtra Provincial Municipal Corporations Act, 1949, is the Act under which levy of LBT is being made in certain municipal corporations.
While great activity being done by Central & Maharashtra State Government for the success of Make in India & Ease of doing business Initiatives, an unintended hardship seems to have been placed on manufacturers in Maharashtra through a Budget 2015-16 provision for levy of entry tax on iron and steel goods purchased from outside the State of Maharashtra.
Implementation of GST is set to be the biggest tax reform hitherto ushered in the country. GST will be a Destination based Consumption Tax & will cover both intra State and Inter State trade & Commerce. Inter State Sales will be subjected to IGST which is combination of CGST & SGST.
(A) Inordinate delays in granting of Refunds – Huge amount of refunds which are payable to the dealers at large are lying with the Department due to lack of support from Mahavat system. From FY 2008-09 onwards, Form 704s have been filed electronically and data for dealer wise sales is available in the database of the Department.
Entry 2B: For safe disposal of medical and clinical wastes, services provided by common bio- medical waste treatment facilities exempted. Entry 7: Exemption withdrawn to services by way of technical testing or analysis of newly developed drugs, including vaccines and herbal remedies on human participants by a clinical research organization approved to conduct clinical trials by the Drug Controller General of India.
CA Mukund Abhyankar Sales Tax Department has changed the procedure for application of Declaration Forms w.e.f. 01.02.2014 vide Circular No.4T of 2014 Dated :- 28.01.2014 Existing Procedure for online applications upto 31.01.2014 Upto 31.01.14, the e-application form was simple and the dealer had to provide basic information such as TIN no. and Name of the […]
Middle class who had been battling inflation for last so many years has been offered a chance to hope for a stream of some secured real income by way of interest on their hard earned savings at a rate that will increase with increases in levels of inflation.
Applicability of audit under MVAT Act, 2002- To whom audit is applicable? As per Section 61(1) of the MVAT Act, 2002, audit is applicable to A dealer who is liable to pay tax and his turnover, either of sales or purchases, exceeds Rs. 60 Lakhs during the Financial Year A dealer who holds a Liquor license in Form PLL, BRL, E, FL or CL.
Traders in cities from Maharashtra are rightfully agitating over proposed introduction of LBT because of their concerns about multiplicity of indirect taxes and related compliances.
