We have an SEZ unit in coimbatore. We have made some civil interior furinishing and construction in that unit. so my query is, whether we have to deduct the Works Contract Tax (WCT) or not. As we have a exemption letter for payment of service tax, VAT and CST. Please reply.

Thanks in advance.

Dear Sir/Madam,

I would like to know whether a dealer engaged in undertaking works contract, paying tax at a composite rate of 5% under Mvat Act 2002 is allowed to claim full input credit on tempo purchased used for business purpose for transporting goods.The dealer has capitalized the said assets in its books.

DEAR EXPERTS


WE HAVE PURCHASE OMS GOODS IN 2008-2009 FROM RAIPUR.PARTY CHARGED 1%CST IN THE INVOICE

THE PARTY IS DEMANDING C-FORM NOW

I THINK CST WAS 2% FOR PURCHASE AGAINST C-FORM IN 2008-2009.

THEY CHARGED CST 1% SO WE THOUGHT THAT THE PURCHASE IS NOT AGAINST C-FORM.THERE IS NO NEED TO ISSUE C-FORM

WHO IS RIGHT PARTY OR I?

THANKING YOU

namaste,
some of the URD PURCHASES has not been declared which is utilesed/sold by trader and collected vat on such sales at existing rates and same has been paid.
now it cannot be declred by revising the return since the revising return time limit is over,
now what happens to Undeclared URD PURCHASES ? Should he pay tax on such purchases ? or not required ? what the law says ? please let me know
thank you all,

it is unethical to say no input credit on right to use asper sec 11(4). If there in no input and out put it is income tax not vat.
an example i purchased an item for Rs 1000 paid kerala vat of 40 and leased for Rs 100 i collected and paid Rs4 per month so a year Rs 48 + 40 =88 or 48-40=8 .In Vat duplication cannot be tolerated. Other way if the leessee think of buying insted of leasing he can utilise loan interest as expence depreciation and vat input. How to fight this in VAT before GST

A company had given a supply order of 10 items to a party x. The value of 10 items is say rs 1000 i.e all inclusive. Now when the goods was in transit, 4 goods were damaged the value for which the buyer is going to lodge claim from insurance company. Supplier will be paid fully for 10 items since insurance is at buyer's end. Buyer had actually received 6 good items and therefore purchase was booked for 6 items but waybill and the supplier's invoice was for 10 items. My question is on which amount, the seller will issue "C" form.
a. on full value as mentioned in waybill/invoice

or

b. on the value of purchase of the goods actually received i.e value for 6 goods.

The entry made by the company
Insurance Receivable Dr 400
Purchase Dr 600
To X 1000

X A/c Dr. 1000
To Bank 1000

Recently there is amendment in relation to used car where by every dealer has to pay tax on used car for ist first sale at the rate of Rs 3000 or 5000 depending upon Cc of the car.

MY question is

Is this amendement applicable to Ltd companies if they sold their car.(not in the business of buying or selling the car)

On enquiry from VAT Cell at patiala they told us Every persons who sell the car are liable to pay the tax.

But so far as notification is concerned every dealer is liable to pay the tax and dealer is not defined under the Punjab Act however defined under the CST Act and person who is in the business of buying and selling the goods or his agent is primarly can considered a dealer.

moreover ITC is also not available when a company buy a car.Then how can company liable to pay the tax if he is not in a business to buy or sell the car.

The relevant notification and defination under CST Act is given.

Please share your opinion in the matter.


In the said schedule ‘E’, after serial No.9, and the entries relating thereto the following shall be added, namely:-


‘’10 (a) Pre-owned cars having engine Rs.3000/- per car on the first
Capacity not exceeding 1000cc. sale, by a dealer
liable to pay
tax under this Act.




(b) Pre-owned cars having engine Rs.5000/- per car on the first
Capacity exceeding 1000cc. sale, by a dealer
liable to pay tax
under this Act.”





KARAN BIR SINGH SIDHU
Financial Commissioner, Taxation and
Secretary to Government of Punjab,
Department of Excise and Taxation.


Dealer under CST Act

[(b) "dealer" means any person who carries on (whether regularly or other­wise) the business of buying, selling, supplying or distributing goods, directly or indirectly, for cash or for deferred payment, or for commission, remuneration or other valuable consideration, and includes-

(i) a local authority, a body corporate, a company, any co-operative society or other society, club, firm, Hindu undivided family or other association of persons which carries on such business ;

(ii) a factor, broker, commission agent, del credere agent, or any other mercantile agent, by whatever name called, and whether of the same description as hereinbefore mentioned or not, who carries on the business of buying, selling, supplying or distributing goods belonging to any principal whether disclosed or not; and

(iii) an auctioneer who carries on the business of selling or auctioning goods belonging to any principal, whether disclosed or not and whether the offer of the intending purchaser is accepted by him or by the principal or a nominee of the principal.

Explanation 1: Every person who acts as an agent, in any State, of a dealer residing outside that State and buys, sells, supplies, or distributes, goods in the State or acts on behalf of such dealer as-

(i) a mercantile agent as defined in the Sale of Goods Act, 1930 (3 of 1930), or

(ii) an agent for handling of goods or documents of title relating to goods, or

(iii) an agent for the collection or the payment of the sale price of goods or as a guarantor for such collection or payment,

and every local branch or office in a State of a firm registered outside that State or a company or other body corporate, the principal office or head­quarters whereof is outside that State, shall be deemed to be a dealer for the purposes of this Act.

Explanation 2: A Government which, whether or not in the course of business, buys, sells, supplies or distributes, goods, directly or otherwise, for cash or for deferred payment or for commission, remuneration or other valuable consideration, shall, except in relation to any sale, supply or distribution of surplus, un-serviceable or old stores or materials or waste products or obsolete or discarded machinery or parts or accessories thereof, be deemed to be a dealer for the purposes of this Act;]


Regards

CA parvinder Singh

We are Manufacturer of PU Sheets,
At these time we are charging VAT @ 5%.
But some other dealer are charging VAT @ 12.5%. I want to confirm about these that in which schedule we covered.
What % of tax we should charge either 5% or 12.5%.
We are issuing invoice with description like "PU Sheet 35x72x100".
Please confirm about the tax rate.

Sunil Kumar
9811208195

Hi
Can any one help me my doubt. I am working in a trading company in kerala. Our purchase from different states. Here in kerala Vat is applicable. My query is CST is applicable or not. OR CST is include in vat kindly tell me. Thanks

Can anybody tell me about prescribed time limit for rate difference in sale or purchase price to be settled by issuing debit / credit notes??

Pl help
Thanks