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...
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 single Contract. These provisions do not apply to individual or HUF who are not registered under the Act.
Entry tax is leviable on all persons including taxable person registered under the Punjab Value Added Tax Act, 2005 on entry of goods into the state of Punjab for the notified goods of which the list alongwith rates of entry tax is mentioned below in table.
It is an effort to compile all the provisions related to Works Contract under the Punjab Value Added Tax Act, 2005 beside this the provisions related to lumpsum scheme, taxability on Interstate purchases for goods used in the execution of works contract, tax deduction, Constitutional validity of provisions with its constitutional background, Importance of 46th amendment with its effects are also included in this article.
This ready reckoner is prepared with the aim to present the changes in Punjab Value Added Tax Act, 2005 at one place. Ready reckoner is divided in to different parts containing the general information, tax calendar, Procedure of Registration, Input tax Credit, Works Contract, Refund, Appeal, Assessment, Revision, Entry Tax, Interest, Penalties and other vital information like forms, fees, time limits under the Punjab Value Added Tax Act, 2005.
