VAT Articles

C form must be abolished immediately

Posted by CA Anil Garg 30 August 2010 21344 Views

Under the Central Sales Tax law, C form is required to avail concessional rate of tax. Till recently, full rate of tax was 10% and concessional rate was 4%. Today, the full rate is 4% and concessional rate is 2%. For most business transactions, co

VAT: No Double taxation,yet double revenue for states

Posted by CA S.SAIRAM 18 June 2010 11827 Views

VAT: NO DOUBLE TAXATION, YET DOUBLE REVENUE FOR STATES This small write out is a mere reminiscence of the existing VAT system.All of us know that VAT is a state subject. Just to recollect, the basis for calculation of VAT is as below,Total Assessable

Amendments in Section 9(1) of DVAT Act

Posted by Devinder Jain 18 June 2010 27956 Views

AMENDMENTS IN SECTION 9(1) OF DVAT ACT. Before I express my views on the recent amendments in Sub-section (1) of Section 9, I would like to share a story with you. A person sitting with a cup of Tea surrounded by intelli

IMPACT OF GOODS AND SERVICE TAX ON TRANSPORT SECTOR

Posted by Member (Account Deleted) 07 May 2010 15220 Views

IMPACT OF GOODS AND SERVICE TAX ON TRANSPORT SECTOR CA. Rajat Mohan 1 Introduction Transport services, is used both as intermediate input and in final consumption. The transport equipments are also subject to multiple taxation at both Central

Some Views on Penal Provisions u/s 29(8) of MVAT Act

Posted by Amit Bajaj 26 March 2010 10920 Views

It is well esteblished principle that the power to levy penality under taxation laws is incidental and ancillary to the power of collection of tax and is provided to make sure the compliance of tax deposits by the assessees. Taxation laws are welfar

KVAT Amendments

Posted by Pavan Jain S 08 March 2010 31475 Views

Major Changes in Karnataka Value Added Tax Act, 2003 effective from April 1, 2010: · VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year from 1.4.2010. · Tax on M

Changes in Delhi VAT

Posted by CA.Tarun Maheshwari 18 January 2010 17863 Views

CHANGES IN D-VAT ACT-2004 1- RATE OF D-VAT INCREASED w.e.f. 14-1-2010 all items mentioned in schedule-III of D-VAT Act (i.e. items that were sold @ 4% earlier) will be sold @ 5%. 2- LIMITATION ON THE CLAIM OF INPUT TAX CREDIT w.e.f. 1-1-2010, the

Accounting For VAT-CST

Posted by CA Jay Rambhia 09 January 2010 121722 Views

Accounting for VAT/CST Background VAT intends to bring harmonization in the tax structure of various States and rationalizeThe overall tax burden. The essence of VAT is that it provides credit/set-off for input tax, i.e., tax paid on purchases, again

GOODS AND SERVICES TAX - A COLOSSAL TAX REFORM

Posted by Vijay Kalia 04 January 2010 15725 Views

GOODS AND SERVICES TAX – A COLOSSAL TAX REFORMINTRODUCTION OF GST/VAT:The Goods and Services Tax and VAT have long past the latter having been first suggested in 1974 in the report tabled by L. K. Jha

A Primer on Proposed Tax System on Goods and Services

Posted by CA Pradip Shah 18 December 2009 9332 Views

A Primer on Proposed Tax System on Goods and ServicesPart-I: Basic Concept and FrameworkBy CA. Pradip R Shahe-mail: pradip@pradiprshah.com Introduction:With the release of the First Discussion Paper (FDP) by the Empowered Committee (EC) on the propo