value added tax

Whether the transfer of goods as a contribution for capital be considered as Sale?

Goods and Services Tax - Transfer of goods on sale of the business as a whole by a proprietor to a company in which he is a promoter, as his contribution for capital, is a ‘sale’ under Uttar Pradesh Value Added Tax Act, 2008...

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For Debate – Change In CST Act?

Goods and Services Tax - We aim to be an efficient and effective tax administration respected for fairness, transparency and professionalism.” If a registered dealer/company is not issuing form C, even though the same is mentioned in their purchase order, the invoices are raised accordingly, Sale tax dept collects additional tax, penalty from the Seller &...

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Validity of Assessment notices U/S 29 of PVAT for the year 2005-06 issued by department recently

Goods and Services Tax - The VAT Department in Punjab has started issuing the notices for assessment for the year 2005-2006 under section 29 of Punjab Value Added Tax Act 2005 to the dealers across the state. The notices u/s 29 of PVAT Act 2005 can be issued within 3 years from the last date for filling of Annual statement i.e VAT 20 of the year concerned or the ...

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CBEC clarified treatment of Cenvat in respect of goods written off in books

Goods and Services Tax - The Central Board of Excise & Customs (CBEC) has clarified the treatment of Central Value Added Tax (Cenvat) Credit in respect of stocks of goods whose value is written off in the books of accounts. It is not unusual that manufacturers are stuck with non-moving stocks of inputs such as raw materials and components, or semi-finished goods ...

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Important Aspects of New VAT Audit Form -704

Goods and Services Tax - For non filing or late filing of the Audit Report, penalty at the rate of 0.1% of the turnover of sales is also leviable. As explained from beginning, under VAT Act the assessments will be sparing, based on selection criteria. Therefore, to have authentic checking of the returns/tax liability of the dealer, the VAT Audit prov...

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Orissa textile traders protest VAT levy

Goods and Services Tax - Textile traders in Orissa yesterday closed their outlets protesting the State Government's imposition of value added tax (VAT) on textile products. The All Orissa Textile Merchants' Association (AOTMA) said it has decided to keep shops closed today as well and stage rallies in different districts. While the neighbouring States such as Wes...

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Mayawayti demands Rs. 2528 Crore to switch to GST

Goods and Services Tax - The Mayawati government on Monday demanded an early settlement of its claim for Rs 2,527.93 crore from the Centre and set it as one of the pre-conditions for enforcing the Goods and Service Tax (GST) regime, proposed to be implemented throughout the ...

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States governments demand CST to continue with GST

Goods and Services Tax - The state governments have urged the Centre to continue levying central sales tax (CST) for the first few years as it will provide some comfort in terms of protecting revenue and fiscal autonomy. This demand came after the union government proposed a three-rate structure for the goods and services tax(GST) last week....

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Delhi Govt slashes VAT on diesel to bring down the fuel prices by Rs 2.70 per litre

Goods and Services Tax - Inflation-hit Delhiites can breathe a little easy with Delhi Government today slashing the value added tax (VAT) on diesel to 12.5 per cent from the existing 20 per cent which would bring down the fuel prices by Rs 2.70 per litre to Rs 37.50 per litre in the city....

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Maharashtra imposes 1% Sales Tax on property sale agreements

Goods and Services Tax - Property buyers in Mumbai and the rest of Maharashtra will now have to spend more, as the state government has issued a notification on the imposition of 1 per cent value added tax (VAT) on the contract price of flats mentioned in the agreement of sale registered on or after April 1. This would be in addition to a 5 per cent stamp duty, 2...

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TDS liability of a builder for sub-contracting of main contract is 1% u/s 194C

Kent Constructions Pvt. Ltd. Vs. DCIT (TDS) [ITAT Cochin] - We have heard rival submissions and perused the orders of the authorities below. Copies of Registration Certificate under Kerala Value Added Tax and Form ST-2 under Service Tax Act placed at pages 20 and 21 clearly mentions that assessee has been registered as a works contractor doing construction o...

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MVAT Notification on Delegation of Powers

Notification No. DC (A&R) PWRJJC/2009/6(2)/ADM-6 - (02/01/2010) - In exercise of the powers conferred by sub-section (5) of section 10 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Commissioner of Sales Tax, Maharashtra State, Mumbai, hereby amends the notification No. Sr. D. C. (A & R)/PWR/1006/2/Adm-3, dated 6th October 2007 as follows, nam...

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MVAT Notification on sales made to the diplomatic authorities and international bodies or organisations

Notification No. VAT. 1509/CR-89/Taxation -1 - (05/11/2009) - In suppression of the Government Notification, Finance Department, No.VAT-1507/ CR-41/ Taxation-1, dated the 25th June 2007, the Government of Maharashtra hereby provides for grant of refund of the tax, collected by any registered dealer on his sales made to the diplomatic authorities and internatio...

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MVAT circular on Procedure for on line submission of application for obtaining registration under the MVAT Act, 2002

Trade circular No:- 25T of 2009 - (25/09/2009) - TRADE CIRCULAR Date: 25th Sept, 2009 NO. MVAT/ Registration / e-101 Mumbai, Trade circular No:- 25T of 2009 Subject: – Procedure for on line submission of application for obtaining registration under the MVAT Act, 2002 Ref: – Notification no. VAT/AMD-1009/ IB/Adm-6, dated 26 August 2009 ...

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Revised Procedure for on line submission of application for obtaining registration under the MVAT Act, 2002

Trade circular No. 25 T of 2009 - (25/09/2009) - Present Procedure: At present, the applications for registration are being made manually to the Registering Authority. On the receipt of the application, the application and the enclosed documents are verified by the Registering Authority and TIN Allotment Letter is issued on the same day. Tin cer...

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Notification on Compulsory E- Filing of Form-101 related to MVAT registration

Notification No. VAT/AMD-1009/ IB/Adm-6 - (26/08/2009) - In exercise of the powers conferred by sub-rule (1) of Rule 17A of the Maharashtra Value Added Tax Rules, 2005, the Commissioner of Sales Tax, Maharashtra State hereby provides that on or after 1st October 2009, the dealers, who are liable to...

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Recent Posts in "value added tax"

Whether the transfer of goods as a contribution for capital be considered as Sale?

Transfer of goods on sale of the business as a whole by a proprietor to a company in which he is a promoter, as his contribution for capital, is a ‘sale’ under Uttar Pradesh Value Added Tax Act, 2008...

Read More

Orissa textile traders protest VAT levy

Textile traders in Orissa yesterday closed their outlets protesting the State Government's imposition of value added tax (VAT) on textile products. The All Orissa Textile Merchants' Association (AOTMA) said it has decided to keep shops closed today as well and stage rallies in different districts. While the neighbouring States such as Wes...

Read More

For Debate – Change In CST Act?

We aim to be an efficient and effective tax administration respected for fairness, transparency and professionalism.” If a registered dealer/company is not issuing form C, even though the same is mentioned in their purchase order, the invoices are raised accordingly, Sale tax dept collects additional tax, penalty from the Seller &...

Read More

Mayawayti demands Rs. 2528 Crore to switch to GST

The Mayawati government on Monday demanded an early settlement of its claim for Rs 2,527.93 crore from the Centre and set it as one of the pre-conditions for enforcing the Goods and Service Tax (GST) regime, proposed to be implemented throughout the ...

Read More

States governments demand CST to continue with GST

The state governments have urged the Centre to continue levying central sales tax (CST) for the first few years as it will provide some comfort in terms of protecting revenue and fiscal autonomy. This demand came after the union government proposed a three-rate structure for the goods and services tax(GST) last week....

Read More

Delhi Govt slashes VAT on diesel to bring down the fuel prices by Rs 2.70 per litre

Inflation-hit Delhiites can breathe a little easy with Delhi Government today slashing the value added tax (VAT) on diesel to 12.5 per cent from the existing 20 per cent which would bring down the fuel prices by Rs 2.70 per litre to Rs 37.50 per litre in the city....

Read More

Maharashtra imposes 1% Sales Tax on property sale agreements

Property buyers in Mumbai and the rest of Maharashtra will now have to spend more, as the state government has issued a notification on the imposition of 1 per cent value added tax (VAT) on the contract price of flats mentioned in the agreement of sale registered on or after April 1. This would be in addition to a 5 per cent stamp duty, 2...

Read More

Centre-state GST disputes to be heard by new tribunal

The draft constitutional amendments, vital for the introduction of the proposed Goods and Services Tax (GST), have proposed the setting up of a tribunal to resolve the disputes arising between the Centre and states in the proposed GST council. ...

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GST may have composition scheme for business below a turnover of Rs 1 crore

The new composition provides a simpler method of calculating tax liability. In a bid to reduce the cost of administering small traders in the proposed Goods and Services Tax (GST) regime, the finance ministry plans to collect taxes from businesses below a turnover of Rs 1 crore at a defined floor rate, which will be much lower than the GS...

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Revenue Department wants excise duty, octroi, purchase tax, local, alcoholic beverages and petroleum products under the ambit of GST

The Revenue Department has submitted its comments on the goods and services tax discussion paper, which was released by the State Finance Minister’s Committee on November 10. It wants excise duty, octroi, purchase tax, and local taxes to be brought under the GST ambit, along with alcoholic beverages and petroleum products. The departmen...

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