caan anay body tell me rate of tax of ice cream under vat itis 4% or 12.5% & entry no. whther it is covered under food stuff please give with details

DESCRIPTION OF THE CASE:


· The Transactions happened in the year 2001-02


There were 3 Companies in existence. Company A, Company B and Company C. Company A and B were merged/amalgamated with Company C. All these companies were having businesses in trading and distribution (not involving in any software or allied business)

The scheme of amalgamation was Assets and Liabilities of A & B were taken over by C at their book values.

Over and above this Shareholders of A and B got certain shares in C in the specified proportion and value.

Company C created Goodwill Account equal to difference of New Value of shares in C less Old value of share capital in A and B put together.

There were no transactions in cash or by cheque towards Goodwill creation. Consideration was only by way of issuance of shares in C.

Opinion required on:

1. Does this Goodwill attract any Sales Tax in the year 2001-02. If yes at what rate?
2. Company C’s Sales Tax assessment completed and order was passed for the accounting year 2001-02.
3. Under Amnesty scheme 2004 Company C paid the differential amount (aspects other than the aforesaid Goodwill) on certain other discrepancies pertaining to year 2001-02.
4. Considering aspects/developments 2 and 3 above even if ST is payable on Goodwill, whether the same can be claimed by the department now.

Respected sir
my quetion is simple
what is treatment of VAT input Tax paid for purchase of capital assest
Whether can we adjust the out put tax of vat when we sale the above assest

what is treatment of out put tax clooected on sale asset

REGURDS
MUTTU

could the vat be charged on the freight mentioed in the purches bill.
the purchase order was given freight exclusive.

Dear Members,

One of our clients have been selected for MVAT Business Audit.
The Sales Tax Officer is of view that "C" form has to be received on Total Sales Value (i.e. net + tax amount), but our client has received a "C" form which is of Net Amount, is there any circular/ notification or some clarification that "C" form can be issued on Net Value.

I would like to know last date of submitting VAT Audit report.

I would like to know the last date for submission of VAT audit report under the MVAT Act.

Hi all,
How Works Contract Tax will appear in the bill of Works Contractor with respect to different provision of VAT Act and also subject to different practical situation?
Plz clear the concept with example, if possible.

If an Employee buys the Car as per the company lease and Company paid the entire amount through cheque including taxes, VAT etc which was being deducted from the Employee salary on a monthly basis and spreaded across three years.

If the Employee wishes to leave the Company in the same financial year and the Car has to be transferred to the Employee name, could you please confirm if the Employee need to pay the VAT (or any other tax) again and if yes, on what amount?

What are the conditions for vat refund in case of exporters ?