VAT Articles

DVAT 51: Time Limit for Submission

Posted by Devinder Jain 17 July 2012 35107 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 994197 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 50475 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 87605 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 85685 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 145827 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

Taxability of Works Contract Under VAT & Service Tax

Posted by Pankaj Gandhi Jaiswal 13 March 2012 633411 Views

STUDY ON TAXABILITY OF WORKS CONTRACT UNDER VAT & SERVICE TAX In order to constitute a works contract, two basic cumulative conditions need to be satisfied, i) there must be a transfer of property goods involved in the execution of spe

Tax Invoice defined in Value Added Tax Act

Posted by Third Eye Advisory 26 February 2012 50187 Views

Tax Invoice Section 86 One of distinguishing features of VAT Act is the provision for Tax Invoice. There can be two types of sale invoice; Tax Invoice and other than Tax Invoice; i.e., bills, normal in

DVAT for works contractors - Jargon simplified

Posted by CA Ankit Gulgulia (Jain) 13 February 2012 192672 Views

Works Contract has always been a matter of dispute for judiciary as well as professionals. The Complexity of transactions can briefly be gauged from the fact that applicable provisions include levy of Sales Tax (As per State Acts), Service Tax (As

Is your MVAT Audit complete?

Posted by CA Umesh Sharma 20 January 2012 50296 Views

Why this type of topic? Recently amendment is made in the Section 61 of the Maharashtra Value Added Tax Act, 2002 for levy of Penalty for incomplete audit report. First time in