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 cost of the land shall be determined in accordance with the guidelines appended to the Annual Statement of Rates prepared under the provisions of the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995, as applicable on the 1st January of the year in which the agreement to sell the property is registered.
At present, the tax, which is levied on inter state sale of goods, is at 2%. It was scheduled to be reduced by another 1%, starting April 1, 2009. At the time, the rate cut was postponed on account of the general elections and the Election Commission’s code of conduct. Recently, the empowered committee of state finance ministers wrote to the Union finance ministry recommending that the tax should be completely withdrawn when GST kicks in, as there is massive evasion of VAT (which goes to the states’ coffers).
As the banks shall not be accepting returns or the corresponding tax payments from such dealers and as they shall not be able to get themselves registered for e-services, their physical returns shall be accepted by the Sales Tax Department.
Are you a cab operator??? Are you aware that there is service tax liability on Rent-A-cab service? In this article we have made an attempt to provide a brief of this entry.
After much bickering with states, the finance ministry today reduced the central sales tax (CST) rate on inter-state sales from 3 per cent to 2 per cent with effect from June 1.The ministry notified the rate-cut to the states despite differences on compensating them for losses of about Rs 13,000 crore in 2008-09 because of the cut. CST was cut from 4 per cent to 3 per cent on April 1, 2007. It was to be reduced to 2 per cent on April 1, 2008, and phased out by March 2010.
Trade Circular No. 6 T of 2008 Section 51 of the Maharashtra Value Added Tax Act, 2002 deals with grant of refunds. The corresponding Rules are Rule 60 and Rule 61 of the Maharashtra Value Added Tax Rules, 2005. The provisions of Bank Guarantee are prescribed in Rule 61. The Trade Circulars No. 33T of 2005 Dt. 21.10.2005 and 56 T Dt.23.08.2007 were issued by this office in respect of Bank Guarantee for the purpose of grant of refunds under the Maharashtra Value Added Tax Act, 2002.
The State-level Value Added Tax (hereinafter referred to as ‘Value Added Tax’ or ‘VAT’) comes into effect from April 1, 2005, in place of the sales tax structure prevalent in various States. The VAT intends to bring harmonisation in the tax structure of various States and rationalise the overall tax burden. The essence of VAT is that it provides credit/set-off for input tax, i.e., tax paid on purchases, against the output tax, i.e., tax payable on sales.
