Goods and Services Tax : Section 68 deals with Inspection of goods in movement and Section 129 deals with Detention, Seizure and Release of Goods, beside t...
Goods and Services Tax : As we all are aware that we are passing through the regime where entire indirect system is switching over to the GST which is gove...
Goods and Services Tax : Denial to grant Input tax credit on Flimsy Grounds by the VAT Authorities without following the settled law laid down by Hon’ble...
Goods and Services Tax : Reversal of Input tax credit on sale of by-products amounts to double taxation and also exceeds the outer limit of taxability pres...
Goods and Services Tax : Introduction Of Rule 21 (8) Under The Punjab Vat Rules Inserted Vide Notification Dated 25.01.2014 W.E.F 01.02.2014 Is Ultra Vires...
Goods and Services Tax : Advocate J S Bedi Jagraon Multi Metals Vs State of Punjab (Punjab & Haryana High Court) Interim order passed by Honb. Punjab &...
Goods and Services Tax : Hon'ble Punjab and Haryana High Court has directed respondents to release the goods by furnishing security of immovable property w...
Assessment plays vital role under the Punjab Value Added Tax Act, 2005 and the period for framing an assessment is 3 years from the date of filing of an annual statement i.e. 20th of November but the power conferred to extend the period for framing an assessment after the 3 years has its own importance as the commissioner can extend the time period upto 6 years from the date of filling of annual statement but this power can only be exercised where circumstances so warrant
Excise & Taxation Department, Punjab has issued a instruction dated 15-11-2012 for manual filing of an annual return upto 20-11-2012 for the year 2011-12. Previously department has issued a public notice dated 30.10.2012 for filing the manual annual return upto 31.10.2012 and now the Department has extended the date upto 20.11.2012
No Manual Annual Return in Form VAT 20 after 31st October 2012 for Assessment Year 2011-12 under Punjab Value Added Tax Act, 2005
Rule 40A has been added to the Punjab Vat Rules, 2005 as per which Every taxable person shall pay annual processing fee of Rs. Eight Hundred only during the month of October alongwith the filing of quarterly return. This processing fee is in lieu of operation, maintenance and upgradation of such facilities and services as electronic issuance of statutory forms, e-filing of returns, e-payment of taxes and such other online and offline services being rendered or proposed to be rendered by the Excise and Taxation Department.
Statutory forms like C, E-1, E-2, F, H and I plays vital role in availing the concessional rate under the Interstate Transactions. After long hue and cry, Punjab Govt. has issued a notification no. GSR.33/CA.74/ 1956/S.13/Amd(17)/2012 dated 04-07-2012 by virtue of which Statutory forms are available through online system,.
Increase in rates of Entry Tax by 0.5% under the Punjab Tax on Entry of Goods into Local Areas Act, 2000 and amendment in Schedule C and E through Public Notice dated 18.09.2012. Punjab Government has increased the rate of entry tax by 0.5% w.e.f. 18.09.2012 vide public notice dated 18.09.2012 beside this the Punjab Govt. has amended Schedule C and E appended to the Punjab Value Added Tax Act, 2005 to increase the VAT rates on Dals(Pulses) and unbranded besan from 1% to 1.5% w.e.f. 18.09.2012 which has effected the backbone of the society.
Sale made to CSD is Tax free and sale made by CSD is taxable. Change in Rate of Tax on shoes including moulded plastic footwear, hawai chappals and straps thereof, plastic footwear and hand crafted footwear. Now brick kiln owners are liable to pay double tax on the determined slabs.
The rate of Tax on declared goods as mentioned in Schedule C-1 has been increased from 4% to 4.5% plus Additional Tax @ 10% and net effect from 03-09-2012 will be 4.95%. It is pertinent to clarify that on wheat, paddy and rice, there is no change in the rate of Tax w.e.f 03-09-2012 and the previous rate of Tax i.e. 5% will prevail, reason being maximum ceiling rate on declared goods is 5%.
Punjab Govt. through Public Notice dated 02-09-2012 has increased the rate of tax w.e.f 03-09-2012. Effects of this Public Notice are as under: -1. Sugar: – The state Government is pleased to waive tax on Sugar w.e.f 03-09-2012.2. Increase in the rate of tax by 0.5% under the Punjab VAT Act 2005 w.e.f 03-09-2012. Which resulted in increase, the details of same are as follows: –
In today’s Global Economy BOT Contracts are playing vital role in the Development of infrastructure but there is no proper legislation and pronouncements which clarifies the status of taxability on these type of transactions. It is very disappointing to point out that tax authorities in their enthusiasm to generate more revenue are trying their level best to cover these types of transactions in the category of works contract whereas infact in my opinion these transactions are outside the purview of taxability under the works contract.
