Statutory requirements of sales tax in Oil & Gas Industry

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CA VINOD KHUDIA (Querist)

29 July 2010 hi everybody,

Could anybody tell me about...

1)What are the statutory requirements of sales tax in oil & gas industry?

2) What desciplinary action should be taken for any mistake committed by sales tax person while filing statutory requirements to legal deptt. and if any financial loss caused to organisation due to his default?

Instant reply would be highly appreciated.

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)

29 July 2010 Dear Sir,
The same requirements as to other goods dealer like registration, filing of return, deduction of vat tds,assessment, audit etc..
Different penalities are prescribed for different offences under the respective vat Act.Pl. check the respective state Vat Act.

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CA VINOD KHUDIA

CA VINOD KHUDIA (Querist)

30 July 2010 Dear Sir,

The answer is quit general in nature.

In second part of the query was, what is the liablity of 'officer appointed in this behalf by the company' to the 'company' was asked and not the company to Deptt. Hence reslove further please

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)

30 July 2010 Dear Sir,
Normally there is no specific requirement for oil & gas Industry in Vat Acts particularly in DVAT-04.

For Your second query,it depends upon the company policy in general and agreement with the officer appointed in particular. In my opinion, if the loss causeddue to misconduct and/or negligence on the part of officer, then conduct enquiry by an independent boardand if he found guilty,the loss can be recovered out of his compensation or civil suit can be filed by the companyto recover the loss.

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