Sir,

Being a power generating co. furniture for office use purchased from dealer who has opted composition .Please advice regarding liability of purchase tax. As per my view there will be no liability of purchase tax occured .

sir,

    i want to know about the full details of VAT and procedure itself i want to know please explain me at chandramouli1986 @ gmail.com.

thanks,

s.chnadramouli

how to do billing in state of up in tally as the rate increases to 13.5%, in tally there is no vat class for 13.5%.

kindly help

Hello Sir,

I am working for a Manufacturing company where huge amounts of Fuel , Brickets and others where purchased to be used in production. On which we used to claim input credit .

Now there is a GO passed that no Input credit is allowed on the fuel items. Is it true and can you please state the GO and is it that we cant claim the input credit going forward??

Dear Sir,

I work for a passenger car mafg co. works at Regional office Hyderabad. I need some clarification regarding slaes tax.

We have a training centre in Hyderabad. We broght few vehicles from our factoy Gurgaon for traing puropose by giving declaration that "vehciles transfer is for our internal purpose and not for sale". We paid entrytax in Hyderabad whicle registring vehciles. Suppose if we dispose those vehicles, are we liable to pay sales tax? We ae registered dealer in Andhra Pradesh.

Department is alsing us to pay VAT applicable @ 12.5%. Pls clarify.

Tahnks & Regards

Krishna Mohan

9963437779

If a registered dealer in KST Act, and is a continued in KVAT Act, 2005 ( Registered a firm in KST Act and TIN is allotted KST based  by the authority). The dealer is request to C form  for issue of interstate purchase of goods. Whether the dealer is deposit as security deposit  by NSC or cash. The dealer is also registered the firm in CST Act also. Please clarify as early as possible.

Sir,

1) What is use of different types of FORMs i.e. Form C, & other local forms.

2) On what amount TCS should be collected if bill is of Rs 5000 + 4% VAT.

3) Please point out the benefits/ reasons in hands of Govt. & in hands of dealer behind  filing return, submitting various forms for different jobs.

4) what is the requirement for VAT audit & assessment and what are limitations or due date for same.

Thanking You,

Suman

sumanprasad09 @ gmail.com

Sorry Members since I was busy in my Pre-Budget assignments hence the reply is late. I have gone through most of the queries and found that these are not all from the IPCC students. Further the VAT is not a central subject and all the thirty three(or more) states have made thier own VAT laws in which they have put thier own restrictions specially on input credit, on refund and the timing of refund etc. Further the procedural part of the VAT is dealt by the VAT Rules which are also seperate for each state.

When VAT was introduced in India in 2005 , my state Rajasthan alongwith Madhya pradesh, Gujarat and some other states has kept itself away from VAT but at that time for a Delhi based Tax Journal's VAT special I wrote comprehensive VAT stories for Andrapradesh, Maharashtra, Delhi and Karnataka. Since I am working in Rajasthan Now hence to keep the track with the procedural part of VAT at diffenret states is not possible. Hence I am keeping my self away from the procedural questions for which I invite the VAT experts of concerned states.

For general VAT procedural questions where no state is mentioned , answere can not be given becasue every state has it's different law.

Now I am taking some of the queries :-

What are the mandatory documents prescribed by VAT rules of India? Is the VAT Invoice enough?

 Gagresh ! How are you ?The VAT credit is avialable on the basis of proper  VAT invoice having TIN of the seller and the tax is seperately charged in it. It should have the name and adderess of the purchaser and his TIN also.

If for a dealer the input credit is continuously in excess of output credit then what will happen to this excess input credti becasue the exporters are entitled to get refund but the dealer under reference is not a exporter.

Yes  Ravi in that case he is eligible for refund and how it can be received and how much is the time limit can only be seen in the VAT laws of a particualr state. The delaers who are purchasing goods from the state by paying 4% or 12.5% VAT and selling the same in the interstate 2% will also be in this category.

Whether VAT is applicable on sales of FLATS  by builder

Good noon Jain sir ! How are you? The VAT is payable only on sale of Movable property hence as such VAT is not payable on sale of Flat but in case of contractor who is constructing flats for others the provision of transfer of property in goods are applicable and for this purpose please refer the 'Works contract" part of the VAT law.

If a company have:

Purchases: @ 4%vat = 100000, @ 12.5%VAT = 50000, @ 2%CST = 20000, Import = 15000, @ 1%TOT = 5000

Sales: @ 4%VAT = 170000, @ 2%CST = 5000, Export = 10000

apart from above, there are Branch Transfer of Rs. 30000 in Value

What is the VAT amount company has to pay?

Is there any case/notification/circular in this regard with respect to chemical industry?

Hi ! Dashrath ! How are you . The input credit is avialable on state purchases only hence it is 4% on Rs.1 Lakh and 12.5% on Rs.50000.00 hence it is 4000+6250.00= 10250.00. The out put tax is 6800.00 (4% of Rs.1.70 Lakhs) and CST tax liability is 2% of Rs.5000.00 = 100.00

Output tax is 6800.00 input tax is 10250.00 hence there is an excess of Rs. 3450.00 and after  adjustment of CST liability of Rs.100.00 the balance left is Rs. 3350.00 .

If the branch transfer has the contents of material or goods purchased within the state then the input credit of tax paid up to 4% will be disallowed . 

Since VAT is a state subject hence for which state you are asking for the Notifications etc. ???

Namaskar Arun ! Your question is too big hence I am not repeating . First of all No input credit can be claimed on self consuption and on damaged goods. Further the third part of your question where scrap is sold for rs.1000.00 it is , in my opinion , a disupted issue whether the input credit is avialable in whole  , proportionate or is not avialable at all. I will try to search the answer. Every state has specified the rules about the claim of input credit in which most of the states have included sale within the state, interstate sales, export sales only .

Your last part of the question is concerned with the "Leasing tax" which have been made taxabe alongwith the VAT by some of the states. So please consult you own state law in this respect. Regarding taxability under the service tax, the renting of immovable property (commercial use ) is only taxable.

Ya ! Pawan what you have asked is impossible to reply . Everything about VAT ???? What I know about VAT is already posted in my classes.

Regarding assessment , most of the assessment under VAT (As per White paper) will be done on self assessment with a few exceptions(decided by the state law)

Ok Rest of the questions I will reply in my next siting in a day or two becaseu I have received a pre-budget urgent call.

Thanks .

Please tell me the method for calculating  EMI of availing personal loans from SBI. There are already solutions for calculations in excel format but i want to do it manually by applying the formula. I want to avail a loan of Rs.200000/- to be repaid in 48 instalment and the rate of interest is 12.25%. The bank says that the EMI would be Rs.5600/-pm. I know it is not correct therefore i would like to get the formula as to how it has arrived and what will be  the exact EMI. Please help me.

Please tell me the method for calculating  EMI of availing personal loans from SBI. There are already solutions for calculations in excel format but i want to do it manually by applying the formula. I want to avail a loan of Rs.200000/- to be repaid in 48 instalment and the rate of interest is 12.25%. The bank says that the EMI would be Rs.5600/-pm. I know it is not correct therefore i would like to get the formula as to how it has arrived and what will be  the exact EMI. Please help me.

pls find the attachment of emi calculator

Dear Sir,

Is there any difference between EMI calculation on quarterly rest system which the SBI is adopting and the PMT formula which is provided in the excel sheet. If so than, what would be the EMI on quarterly rest basis on principal of Rs.2.00 lakhs with interest of 12.25% with repayment in 48 instalment. Does it come to Rs.5600/- pm? To me as per the excel PMT method it is coming to only Rs.5291.35 . So please guide me and let me know the exact solution is, so that i can cross check with the SBI calculation system.

dear all,

is there any question bank on vat and service tax for pcc exam 2009.