VAT Articles

Penultimate Sales under CST Act 1956-Submission of H forms

Posted by Amit Bajaj 14 February 2011 123573 Views

Tax by State Governments on sales or purchase of goods made during the cource of import or export of such goods is prohibited by article 286(1)(b) of the Constitution of India. Section 6(1) of CST Act also levies tax on interstate sales hence there

Exemptions available to SEZ unit from CST

Posted by Amit Bajaj 12 February 2011 188462 Views

Section 8(6),8(7) and 8(8) of the CST Act deals with the exemptions available to a SEZ unit or SEZ developer from CST. When goods are sold to a SEZ unit or SEZ developer then no CST is payable by such unit or developer as per the above sub sections

Internationally - Goods and Service Tax

Posted by Member (Account Deleted) 20 January 2011 13205 Views

VAT/GST provisions in countries other than India are quite streamlined and stable. As the Law in India is still not a reality we might look into the provisions which are in place since quite long and access the structure of rate, exemptions etc. 1. A

Tax deduction from Works contracts to be on taxable turnover

Posted by Amit Bajaj 17 January 2011 77268 Views

Tax deduction from Works contracts only to be on the taxable turnover Almost all States under their respective VAT laws have made provisions for deduction of VAT from payment to be made to the works contractors at the time of the payment (popula

Understanding E1 and E2 Sales under CST Act 1956

Posted by Amit Bajaj 17 December 2010 227711 Views

Central Sales Tax Act 1956 envisages single point of taxation i.e tax at the first point of sales. Subsequent sales during the movement of the goods from one state to another have been exempted under section 6(2) of CST Act. Before proceeding to u

F forms under CST Act 1956

Posted by Amit Bajaj 07 December 2010 312239 Views

To constitute interstate sales, one of the basic requirement is that there should be sale. If a person sends goods outside from its state to its branch office in another state then it is not sale because you cannot sell goods to yourself. Similarly

FAQ's on VAT

Posted by vidyasagar 23 November 2010 34666 Views

Q. What is Value Added Tax (VAT)? A. VAT is a multi-point tax on value addition which is collected at different stages of sale with a provision for set-off for tax paid at the previous stage/tax paid on inputs. Q. What is meant by 'Sale

Tax liability on last sale proceeding sale to SEZ area

Posted by Devinder Jain 17 November 2010 14557 Views

TAX LIABILITY ON LAST SALE PRCEEDING SALE TO SEZ AREA. LAST SALE PRECEEDING SALE TO SEZ AREA. IS EXEMPT UNDER SECTION 5(3) OF THE CENTRAL SALES TAX ACT, 1956. RELEVANT PROVISONS: Provisions of the Central Sales Tax Act, 1956: Section 5(3):

Some views on Security for Registration under Punjab VAT Act

Posted by Amit Bajaj 15 November 2010 10157 Views

For registration under the Punjab VAT Act 2005 one of the requirement u/s 25(1) is furnishing of security for securing the payment of tax under PVAT Act 2005. This requirement is compulsory as per the wording of section 25(1) of PVAT Act 2005 which

Some Issues Pertaining To C Forms Under CST ACT 1956

Posted by Amit Bajaj 14 September 2010 275359 Views

SOME ISSUES PERTAINING TO C FORMS UNDER CST ACT 1956 Under CST Act 1956 there are lot of Forms and declarations which help in saving CST on the interstate transactions. C form is an important and foremost common among dealers registered under CST Act