VAT Articles

MVAT on Furnishing Fabric- Controversy

Posted by Ashish Kedia 26 September 2012 40051 Views

Brief Background: As if confusion created by VAT in relation to real estate transactions wasnt enough, a fresh controversy has been stirred by recent notifications issued by the State VAT department to tax the sale of furnishing fabric. &ls

Liabilities of an awarder under VAT

Posted by sivadas chettoor 17 September 2012 39243 Views

INTRODUCTION: The central theme of this article is the liabilities of an awarder under the Kerala Value added Tax Act 2003 (hereinafter described as Act)...

VAT (What) is the confusion all about on sale of flats - Part 2

Posted by Ashish Kedia 11 September 2012 25130 Views

This article is the concluding part out of the two part series on this subject. This has been presented from the developers perspective. The views expressed in this series of articles are personal. It need not be said that taxation of works

Let's construct "Tax Structure" for Builders/Developers

Posted by CA Umesh Sharma 06 September 2012 416219 Views

The foundation of building named Tax Complex constructed by the Honorable Commissioner of Sales Tax of Maharashtra

DVAT 51: Time Limit for Submission

Posted by Devinder Jain 17 July 2012 35096 Views

The other day I was sitting in the library of the Sales Tax Bar Association and a discussion was going on regarding the recent notifications and circulars, and I raised a point, that whether these circulars are ac

Input Tax Credit - Reversal/Reduction

Posted by Devinder Jain 05 July 2012 994161 Views

Some may develop a feeling of renunciation on achieving the age of 60 years, I on attaining the age of 60 years feel thankful to the society for whatever love and affection they have given to me, and think this is the time, I must try, whatever lit

Beware Dealers Claiming Input Tax Credit

Posted by CA Saiyum khan 02 May 2012 50455 Views

One of my clients has received the demand notice from the Commercial Tax Department of Gujarat for payment of VAT against wrong claim of Input Tax Credit. On scrutinizing the relevant documents of input tax credit it was found that Tax Invoice was i

Transfer of Right to use goods-deemed sale or a service

Posted by Amit Bajaj 17 April 2012 87588 Views

Transfer of Right to use goods for cash, deferred payment or valuable consideration is considered as deemed sales under sub-clause (d) of Article 366(29A) of Constitution of India and also consequently under Punjab VAT Act and CST Act liable to VAT

Recent VAT Amendment in State Budget

Posted by CA CS Pawan Jajoo 09 April 2012 85652 Views

Changes in MVAT Act 2002 by the budget A. CHANGES IN TAX RATES : MVAT : 1. The exemption to wheat, rice, pulses and their flours, turmeric, chillies, tamarind, gur, coconut, cumin seeds, coriander seeds, fenugreek and parsley (Suva

Recent Judgement of Supreme Court on Trade Discounts

Posted by G S Rao 15 March 2012 145781 Views

Recent Judgment of Supreme Court on Trade discounts ` (M/s. IFB Industries Ltd. Vs. State of Kerala (Supreme Court) Background A Division bench of the Kerala High Court, in the case of M/s IFB industries Ltd has held that unle