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No.VAT/MMB-1006/152/Adm-3(Adm-6) Mumbai, dt. 31.07.2008 The Hon’ble High Court has dismissed the Writ petition No. 2000 of 2007 and allied petitions regarding Form 704. The date for filing of Form 704 was extended by the High Court to 30th June 2008. Accordingly, a trade circular cited at reference 13 was issued and the date for filing of Form 704 in respect of the year 2005-06 and 2006-07 was extended to 30th June 2008.
As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify inadequacies in returns, if any when checked against the books of account and the circumstances of the business. If the returns are not filed then, the audit officer is expected to quantify the liability of the dealer and enforce recovery. (Trade Cir. No. 25 T of 2008)
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.
Trade Cir. No. 5 T of 2008 A Trade Circular No. 1T of 2008 dt. 25.1.2008 had been issued explaining the procedure for issuance of statutory forms under the Central Sales Tax Act, 1956. In that circular, a procedure had been set down for the use of applicants of declaration forms under the Central Sales Tax Act. As per that circular, the dealers were required to show proof of filing of returns and payments from 1.4.2005 onwards till the last return/payment due from them on the date of application. The dealers were also required to furnish information in the format provided for in the said circular.
Imagic Creative (P.) Ltd. v. Commissioner of Commercial Taxes Payments of service tax as also the VAT are mutually exclusive. Therefore, they should be held to be applicable having regard to the respective parameters of service tax and the sales tax as envisaged in a composite contract as contradistinguished from an indivisible contract. It may consist of different elements providing for attracting different nature of levy. It was, therefore, difficult to hold that in a case of instant nature, sales tax would be payable on the value of the entire contract, irrespective of the element of service provided. The approach of the assessing authority, thus, appeared to be correct.
WHETHER the charges collected towards the services for evolution of prototype conceptual design (i.e. creation of concept), on which service tax had been paid under the Finance Act, 1994 as amended from time to time is liable to tax under the Karnataka Value Added Tax Act, 2003 is the question involved in this appeal before the Supreme Court.
Circular No.14-T of 2007, Mumbai,dt.08.02.2007 This office had earlier issued above referred two Circulars for grant of provisional refund. The refund under these Circulars is admissible to those dealers who have filed return for any earlier period on or before 31.12.2006.
