We purchase fibre from Nagpur and sell within Tamilnadu through E1 Sales.

1. Should the first invoice (i.e)invoice of the original seller must contain a word as E1 Sale anywhere? Whether the delivery address in this invoice must be first buyers address or the subsequent buyer address? Should the first invoice must contain any information about the subsequent buyer?

2. When B purchase from A for rate of Rs. 100/- Can B raise E1 sales invoice to C for Rs. 105/- including his profit or the rate should be the same as A?
If B can, should he have to pay tax for the difference amount- On what basis CST or Local Vat rates?
If B doesn’t have to pay any tax won’t there arise any question regarding revenue loss to govt.?

3. To my knowledge of E1 sales, I understand that the delivery address in the GR/LR copy should be the original buyer and it should be duly endorsed in favor of the subsequent buyer by the original buyer. But my doubt is that finally the freight will be paid by the subsequent buyer. So in the carriers receipt or the carriers freight invoice whose address should be mentioned- the first buyer or the subsequent buyer?

I need a detailed information about DOS and DONOTS to followed in raising E1 sales invoice.
Is there any reference book published by govt or their authorized authority about E1 Sale?

Dear experts,

we are in regular scheme of KARNATAKA VAT, We are doing many sites in bangalore, but we should not go for composition one site and another one is regular scheme is not possible under single TIN.

But recently CTD announced e-VARDAN here when we can apply for registration, we may opting VAT/COT/BOTH.

Now can we opt one more time for BOTH option under e-VARDAN?

If we paying under regualar scheme then we are going to loose tax.

if opting BOTH in e-VARDAN, then we should get one site is composition and another site is under Regular scheme

is e-VARDAN is helful for us?

Kindly guide us.

S S PATIL

CAN A PERSON(OWNER) CAN CLAIM INPUT TAX CREDIT ON THE MATERIAL(CEMENT,IRON ETC) PURCHASED FOR CONSTRUCTION OF HOTEL.

I hav doubt in vat .
1. How to caluculate vat interest, in karnataka interest caluculations .
2. one of my CA friend told interest caluculation -500*15%/365*no of days . it is correct or wat i dont knw please confirm me. its 2010-11 april month return.
3. totaly i want revised april,may.june,july ,august,sept-2010.in all months also interest apllicable .

Rajani

Friends,

VAT is Channel base tax paying ok

During one assessment & in cross check it was found that XYZ purchased goods from ABC in 2006-07 & purchase payment of was clear by XYZ against Tax Invoice Bill. Now, in ABC VAT return he has not shown the XYZ sale as Tax Invoice in 201A & hence, the disallowance of Input Tax Credit arise in Assessment of XYZ & ultimately demand of the said ITC with Interest, Penalty order given by the officer to XYZ.

Query:
Why should XYZ suffer if ABC not paid VAT to the said government account?
Why department is not taking steps against this type of entity?
Is there any case study that department can recover the whole amount from the ABC instead of XYZ?

Pl give your esteemed suggestions or advise on the said issue it’s urgent.

Sir,
My query is that the rate of a product in Orissa i.e, VAT @%, Entry Tax @ 1% and CST @ 2% against Form-C. Suppose we sold the product to outside Orissa & charged CST @ 2% against Form-C,if he fails to furnish the Form-C to us, then how will we do in that case & all the entries in accounting?
Kindly reply the above query.

Sir,

"Laxmi Packging" is a Partnership Firm having 2 partners (Ram & Shyam). and doing businee from 3 years.Ram is the son of Shyam

They want to Convert this Firm into ProprietorShip (to avoid 30% IT Rate)

1) Can Ram Continue the same business with same TIN Number under the Same Name?
2) Is it necessary to inform this conversion to VAT & IT Department

Thank you.

punjab vat act
dear experts plz reply??
so far as i come to know that input.credit of vat on diesel purchase is only 8.8%??
is this provision is applicable now ??
is there any new notification in this regard ???
can we claim inpur of surcharge (10%) on vat ??

Dear sir,

we are in regular shchem of KARNATAKA VAT.
but we are doing civil works in various parts in bangalore, so shall we go for composition one site and one site for regular scheme is it possible a single TIN?

And what we take labour charges in computation whether 30% of sec.3(2) or actual labour incurred?

please give me excellent answer.

Q1
If American company is selling to Indian customers – is it responsible to pay sales tax or VAT in India? For example a lot of Indian customers buy products from Amazon.com in USA. Customers pay with their credit cards and Amazon just ships the products from USA. Similarly we also as an American company , do we have to pay only America taxes or Indian VAT as well?
Q2
Can a US company open a bank account in India? What are the requirements? Do we need to open a branch office/ registered office in India? Will that be like opening a company in India? Or is it possible to open an account without having a physical office and address in India?