Sales Tax - Page 4

MVAT circular on activity code to be mentioned in audit report form 704

Trade Circular No. 38 T of 2009 (31/12/2009)

Activity Codes are numerical codes that are used to define the activities of an economic unit. These codes are developed by National Industrial Classification (NIC) 2008. It is a standardized system of classification of economic activities essential for meaningful collection of data relating to such activities. This classification does no...

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Amendment to the Maharashtra Value Added Tax Rules, 2005

Trade Circular No. 37 T of 2009 (30/12/2009)

The sub-rule (1) provides the different forms of returns to be filed by various categories of dealers. Earlier, the dealers. used to submit these forms of return-cum-chalan physically either to the Bank alongwith payment of tax, interest etc., if any or to the Sales Tax Department where tax liability was NIL. These forms of the return wer...

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Know Your Customer (KYC) Guidelines – Accounts of Proprietary Concern

RBI/2009-10/271, UBD.BPD.CO.NSBI/ 38 /12.03.000/2009- 10 (23/12/2009)

In partial modification of paragraph 3 (ii) thereof, it is advised that apart from the documents mentioned therein, any certificate / registration document issued by Sales Tax / Service Tax / Professional Tax authorities may also be considered for verification of the proof of name, address and activity of the Proprietary concern....

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Goods and Service Tax (GST) from taxman's point of view

GST is just a VAT :-GST as you are aware is just value added tax (VAT) because when made a presentation to the chief minister this was an issue which I was asked - In three years you have somehow setup VAT and now you are talking about GST. I told them GST is VAT but two major more taxes are coming in but every other operation is like VAT...

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Sales Tax Has Precedence Over Bank Mortgage

M/s Orissa State Financial Corporation Vs Commnr. of Commericial Taxes & Ors (Supreme Court of India)

Despite valiant attempt on the part of learned counsel for the appellant to convince us that in view of some observations in Dena Bank Vs. Bhikhabhai Prabhudas Parekh & Co. & Ors., 2000(5) SCC 694, the issue raised in the present appeal requires consideration, in our judgment the issue is no more res integra. In State Bank of Bikaner & Ja...

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Real Estate Transactions and Important VAT provisions

Typically in real estate transactions, the land holder contributes the land, the developer constructs the building and sells the flats along with the proportionate rights in respect to the land. As a result, each owner becomes the owner of an apartment with corresponding undivided share in the land arid an undivided share in the common ar...

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Can sales tax department recover sales tax from buyer of Plant and Land of sick unit?

Question. The dealer has purchased plant along with land from Financial Institution in auction. The original owner of plant was declared sick unit and was liable to discharge sales tax dues for past years. The Sales Tax Department is contemplating to recover the said dues from the dealer who has purchased the plant and land in auction. Wh...

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Procedure- Issue of H form when dealer is registered in more then one state

The facts are that the dealer is registered under CST Act in Andhra Pradesh as well as in Maharashtra. Order is placed by AP branch on Tamil Nadu dealer for supply of goods against H form. The supplier prepares invoice mentioning Maharashtra address. The goods are delivered by TN party in AP from where dealer exports the goods. The dealer...

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Issues arising out of & Implications of A & G Projects Judgment – The way out

Under entry 92A of List I of the VII Schedule to the Constitution of India, the Parliament of India has the exclusive right to impose tax on sale or purchase of goods other than newspapers where such sale or purchase takes place in the course of inter-State trade and commerce. Article 269 of the Constitution of India authorises the Parlia...

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Critical Analysis of Inter-State Works Contract

After amendment to the constitution by inserting Article 366(29A) providing definition of the term “taxes on sale or purchase of goods” to include deemed sales, States were empowered to levy tax on sale or purchase of goods involved in execution of works contracts. However, the power of States to levy tax on deemed sales including wor...

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