J S BEDI Advocate - Page 3

VAT-20 Form for Year 2011-12 can be manually submitted upto 20-11-2012

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 ...

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Compulsory online filing of Annual Return in Form VAT 20 in Punjab

No Manual Annual Return in Form VAT 20 after 31st October 2012 for Assessment Year 2011-12 under Punjab Value Added Tax Act, 2005 ...

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Procedure of Annual Processing Fee 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 issua...

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Online issuance of Statutory Forms i.e. C, E-1, E-2, F, H & I in Punjab

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,. ...

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Revised Rates of Entry Tax w.e.f. 18.09.2012 in Punjab

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 Sche...

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Change & enhancement under Punjab Value Added Tax Act, 2005 & Punjab Tax on Luxuries Act, 2009 wef 05.09.2012

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....

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Notifications – Punjab Vat Act 2005 -Change In Tax Rate

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, reaso...

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PVAT – Change in Rate of Tax on Goods Which Are Subject To Vat W.E.F 03-09-2012

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 increa...

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Taxability of BOT Contracts under Punjab VAT Act, 2005

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 tryi...

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Tax Deduction on Payment to Contractor Under PVAT Act, 2005

As per the scheme of the Punjab Value Added Tax Act, 2005 Contractee who entered into Contract for Works Contract with Contractor is under an obligation to deduct 5 % while making the payment to the contractee if execution of which involves transfer of property in goods and liability on account of such contract exceeds Rs. 5 Lacs in a sin...

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