VAT Articles

Refund to Cement Dealers vis-a-vis impact of after sales discount on Revenue Collection

Posted by PAWAN KUMAR KEDIA 19 June 2014 31380 Views

ITC Refund to Cement Dealers vis-a-vis impact of after sales discount on Revenue Collection.Introduction: Generally Cement Companies announces after sales discounts called ex post facto discount by way of credit notes to cement dealers. As a result

Disallowance of input tax credit on the ground that seller is bogus or cancelled dealer- Part II

Posted by Amit Bajaj 18 June 2014 13644 Views

Another situation which in many of the cases under the Punjab VAT, which dealers are facing is the disallowance of input tax credit on the ground that the registration of seller of the goods has been cancelled or normally it is stated in the assessme

Reversal of Input tax credit on sale of by products

Posted by Jaswinder Singh Bedi 13 June 2014 11921 Views

Reversal of Input tax credit on sale of bye products amounts to double taxation and also exceeds the outer limit of taxability prescribed under the Act Specially in Sheller Trade which is clear cut violation of Article 286 of the Constitution of Indi

Disallowance of input tax credit on the ground that seller is bogus or cancelled dealer

Posted by Amit Bajaj 11 June 2014 14643 Views

The system of VAT was introduced in the sales tax law to bring more transparency, efficiency, to remove tax cascading etc. The difficulties which may arise in any system comes to picture only when the system is practically implemented. One of the ma

Karniti Part-40: State Budget: Relief in MVAT up to Rs. 10 Lakh but No relief for refund & LBT

Posted by CA Umesh Sharma 10 June 2014 15700 Views

Arjuna (Fictional Character): Krishna, on 5th June 2014, Deputy Chief Minister and Finance Minister of Maharashtra State presented the finance budget for the year 2014-1

Karniti Part-38: Make Changes in MVAT, to please businessmen Voters

Posted by CA Umesh Sharma 29 May 2014 6690 Views

Arjuna (Fictional Character): Krishna, recently voters expressed their strong willingness for change and changed Central Government. Voters and Taxpayers have many expectations from the elected Govern

Sales Tax - AP Impact on all state businessman

Posted by Amit Jolly 24 May 2014 18073 Views

SPLITING OF ANDHRA PRADESH & ITS IMPACT ON BUSINESS WORKING As you all are aware that Andhra Pradesh is going to split into two new states on 02.06.2014 i.e. Telangana and New Andhra pardesh. Accordingly, in system there will be two two new busi

Constitutional validity of section 39-A of Punjab VAT Act, 2005

Posted by Amit Bajaj 20 May 2014 6837 Views

As per section 39A of Punjab VAT Act, 2005, the Punjab VAT Refund Fund has been constituted and the amount of tax collected as Advance Tax under Section 6(7) shall be credited directly into the said Fund. It has been provided that the Fund shall be m

Taxation on transaction of supply of food - A Sale or a Service?

Posted by CA.TARUN K AGARWALLA 16 May 2014 24706 Views

Food is a basic need for a living being and any levy of additional cost on the same is always a matter of dispute. Taxation levied or collected directly or indirectly on the food even though collected by state is always a matter of discussion. Food a

Input Tax Credit w.e.f 1st April under Punjab VAT Act, 2005

Posted by Amit Bajaj 01 May 2014 16333 Views

Input tax credit is a concession granted by the State Government against the output tax liability on the sale or purchase of goods within the State jurisdiction. To avail such concession one has to fullfill the conditions imposed by the statue subjec