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 f...
Goods and Services Tax : We aim to be an efficient and effective tax administration respected for fairness, transparency and professionalism.” If a reg...
Finance : Explore the issue of recently issued assessment notices for the year 2005-06 under section 29 of Punjab Value Added Tax Act (PVAT)...
Excise Duty : The Central Board of Excise & Customs (CBEC) has clarified the treatment of Central Value Added Tax (Cenvat) Credit in respect of ...
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...
Goods and Services Tax : Textile traders in Orissa yesterday closed their outlets protesting the State Government's imposition of value added tax (VAT) on ...
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 on...
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...
Finance : Inflation-hit Delhiites can breathe a little easy with Delhi Government today slashing the value added tax (VAT) on diesel to 12.5...
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 notificati...
Goods and Services Tax : In Firos C. A. Vs State of Kerala, Kerala High Court rules directors are jointly liable for tax dues if the company fails to make ...
Goods and Services Tax : Kerala High Court held that under the Kerala Value Added Tax Act, 2003 (KVAT Act) in a contract for the transfer of the right to u...
Goods and Services Tax : Hon’ble Haryana Tax Tribunal has held that cost of consumables such as fuels used in hot mix plant for the purpose of execution ...
Income Tax : We have heard rival submissions and perused the orders of the authorities below. Copies of Registration Certificate under Kerala V...
Goods and Services Tax : 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...
Goods and Services Tax : In suppression of the Government Notification, Finance Department, No.VAT-1507/ CR-41/ Taxation-1, dated the 25th June 2007, the G...
Goods and Services Tax : TRADE CIRCULAR Date: 25th Sept, 2009 NO. MVAT/ Registration / e-101 Mumbai, Trade circular No:- 25T of 2009 Subject: – Proce...
Goods and Services Tax : Present Procedure: At present, the applications for registration are being made manually to the Registering Authority. On the re...
Goods and Services Tax : In exercise of the powers conferred by sub-rule (1) of Rule 17A of the Maharashtra Value Added Tax Rules, 2005, the Commissioner o...
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.
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 GST rate.
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 department has agreed to levy GST plus excise duty on tobacco products.
Starting Thursday, Delhi shifted to a 5% Value Added Tax (VAT) slab from 4%. The shift to the 5% slab will impact the prices of medicines, surgical and medical equipment, IT and electronic products like computers and software, and industrial inputs, among other things. The five percent slab will cover 170-odd items.
Explore the issue of recently issued assessment notices for the year 2005-06 under section 29 of Punjab Value Added Tax Act (PVAT) in Punjab. Discover the legal intricacies, including the validity of notices and the extension granted by the Commissioner. Legal expert Amit Bajaj sheds light on the potential implications for affected dealers and the concerns regarding the legality of assessment orders.
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 of residential complex
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, namely:—
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 or finished goods due to change of models or change of processes or poor feedback from customers or obsolescence, etc.
The Prime Minister’s Economic Advisory Council, or PMEAC, has favoured asingle slab each for goods and services or one common rate for both under the proposed goods and services tax (GST), unlike the proposal mooted by the states.“The Centre could follow the pattern in which there is only one rate for goods and one rate for services, or one rate which is common to both goods and services,” PMEAC Chairman C Rangarajan said.
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 provision has been introduced. The VAT Audit report in Form 704 is accordingly notified in the MVAT Rules right from 01.04.2005. However, the said Form is now replaced by Notification dated 26.08.2009 under Rule 17A(2) of MVAT Rules,2005 applicable from 01.04.2008. The newly introduced Form will accordingly be applicable from financial year 2008-2009. Some of the important aspects of this Form can be noted as under:
