VAT Articles

Powers of Inspection, Search & Seizure under Punjab VAT Act

Posted by Amit Bajaj 16 August 2011 11067 Views

Power of inspection, search, seizure can be easily found to be in every taxation law. The purpose of these powers is always to detect any tax evasion on the part of dealers but these powers are always ancilliary to the power of collection of tax of

TDS under TN VAT act & Rules

Posted by P.Jagadeeswaran 17 June 2011 88639 Views

Tax Deduction at Source or TDS under the Tamil Nadu Value Added Tax Act, 2006 & Value Added Rules 2007 In Tamilnadu, Tamilnadu Value Added Tax, 2006 received the accent of the Governor of Tamilnadu on the 14th of December, 2006 and was enact

Taxation of Works Contract under TN VAT

Posted by P.Jagadeeswaran 14 June 2011 73345 Views

Taxation of Works Contract under TN VAT! Meaning of Works Contract in TN VAT: Sec 2(43) defines as Works Contract includes any agreement for carrying out for cash, deferred payment or other valuable consideration, building constructi

Tax Liability in works contract, contractor or sub-contractors

Posted by Amit Bajaj 13 June 2011 120802 Views

In works contracts, between contractor and sub-contractors only one is liable to pay tax When works contract is sub-contracted there is only one taxable event and between main contractors and sub-contractor only one is liable to pay tax on the g

CENVAT

Posted by Sathya Sankeerth K N 10 May 2011 23877 Views

CENVAT Basic purpose of VAT is to avoid cascading effect in the payment of taxes to the government. Its main advantage can be found as fall in the payment of taxes by the ultimate consumer. CENVAT also comes in the same format but is structured in

Levy of penalty or interest for non submission of C forms

Posted by Amit Bajaj 09 May 2011 226273 Views

As we know C forms are required to be submitted by a seller with the sales tax authorities after obtaining the same from the purchaser of goods if the sale is an interstate sales and CST has been charged at concessional rate of 2% as per the require

Remand of penalty orders in appeal whether justified?

Posted by Amit Bajaj 09 April 2011 7941 Views

Meaning of Remand:When an appellate court sends an appealed case back to the trial court for further action, the case is said to be remanded. This usually happens if the trial judge has made an error which requires a new trial or hearing. Under Ta

Goods and Services Tax Council: Alternative to Federal Economy

Posted by Rabish Chandra 30 March 2011 9962 Views

IntroductionIndia's Finance Minister Shri Pranab Mukherjee on 22nd March 2011 introduced Goods and Services Tax Bill in Parliament. In fact this bill is basically the constitutional amendment bill proposing for the provision of simultaneous powers on

Extension of Limitation period for assessment under PVAT Act

Posted by Amit Bajaj 17 March 2011 14062 Views

Section 29(4) of Punjab VAT Act 2005 provides that an assessment u/s 29(2) or 29(3) may be made within three years after the date when the annual statement was filed or due to be filed, whichever is later. Proviso to the said sub sec

Ceiling rate on Declared goods under CST Act incresed to 5%

Posted by Amit Bajaj 02 March 2011 32093 Views

It has been proposed in the Budget 2011-12 to increase the ceiling of 4% on declared goods under section 15 of CST Act to 5%. Currently State Governments cannot levy VAT more than 4% on declared goods. Declared goods are those goods which are of