Highlights of MVAT and other disputed taxes settlement Ordinance

Arjun (Fictional Character): Krishna, the Maharashtra Government has introduced various schemes in the Budget to settle old disputes. Considering the same, the government has introduced an ordinance to solve disputes between Maharashtra government and taxpayers. What is this ordinance? Krishna (Fictional Character):  Arjun, Maharashtra govt. has introduced a separate ordinance for settlements of all tax regulations, old disputes, arguments, lawsuits etc. on 6th of Marc..

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MVAT audit report date extended to 28th Februrary 2019

According to a recent announcement issued vide notification  No. VAT. 1519/C.R.02/Taxation-1 by Maharashtra state government, the audit report date has been extended to 28th February 2018. This is the attachment- Click here ..

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UAE VAT Registration, Provisions and Procedures

Being registered under the VAT law means that a business is acknowledged by the government, as a supplier of Goods and Services and is authorized to collect VAT from customers and remit the same to the government. Only VAT registered businesses will be allowed to do the following: Charge VAT on taxable supply of goods and services. Claim Input Tax Credit on VAT paid on their purchases, which will be deducted from VAT liability on sales. Payment of VAT to the government. Periodic fili..

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Valuation of Supplies, Job Work and Transitional Provisions under UAE VAT

Being a completely new form of indirect taxation there are many questions in the minds of the organizations. One of the most important questions is what is valuation of supply under VAT? What will be included in the value of taxable supply on which VAT is calculated? If the entire consideration is monetary, the value of supply shall be the consideration less tax. Normally the consideration is considered inclusive of tax unless expressly it is stated to be exclusive of tax. If all or part o..

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Input Credit and Tax Payments under UAE VAT

VAT in UAE is a general consumption tax which will be levied on the majority of transactions of goods and services unless specifically exempted by the Law. Under this, VAT is charged at every stage of 'Value Addition' in the supply chain and the mechanism of Input tax deduction ensures that the businesses act as tax agents or tax collectors of the government, who collect the tax from the end consumers, account and pay the tax. Ultimately, the end consumer pays the tax. In order to ensure..

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Date and Place of Supply on UAE VAT

The tax which has been levied and needs to be assessed, will require a specific date to be established for the transaction for taxpayer and tax administration to carry out the quantification. This article provides for the manner of determining the 'Date of Supply'. The Date of supply shall not be entirely left at the discretion of the taxable person. Taxable persons first need to look into which clause of this article is applicable for a supply and then ascertain the date so stated under that..

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Introduction of VAT in UAE

GCC i.e. Gulf Cooperation Council is a political and economic alliance of six middle eastern countries- Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman. The GCC was established in Saudi Arabia in May 1981. The objective of the GCC is to achieve unity among members based on their common objectives and their similar political and cultural identities. In line with their objective the GCC has come up with a unified agreement for VAT which sets out the framework under which VAT can be implemented ..

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Articles under UAE VAT law and their analysis

Article-2 of Decree Law Article-2 of Decree law provides scope of VAT in UAE, which provides VAT shall be levied on: a) Every Taxable Supply and Deemed Supply made by the Taxable Person. b) Import of Concerned Goods except as specified in the Executive Regulation of this Decree-Law. Definition of Taxable supply has been provided in Article-1 of Decree law. A supply can be said to be Taxable supply if it satisfies below ingredients: • Goods or Services must be involved in a tr..

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UAE VAT - Important Definitions and their meaning

In the application of the provisions of this Decree-Law, the following words and expressions shall have the meanings assigned against each, unless the context otherwise requires: 1. VAT (Value Added Tax) VAT means a tax which is imposed on the supply of Goods and Services and Imports, at each stage of production and distribution, including Deemed Supply. VAT is a consumption tax which is imposed on all stages of value chain starting from production to distribution. As the name itself indic..

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Try to build a "Financial Gudhi" of Maharashtra in this budget!

Arjuna (Fictional Character): Krishna, festival of Gudhi Padwa is coming soon. It is a start of New Year. So this year, will the Gudhi which will increase the prosperity of tax payers build? Krishna (Fictional Character): Arjuna, Gudhi Padwa means beginning of Marathi new year. In Maharashtra state people build the Gudhi in front of their houses with bamboo by decorating it with cloth, flowers, neem leaves, pot, sugar candy and worship it and welcome the New Year. In the taxation, the bambo..

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Understanding UAE Business & Trade world under VAT

Forms of Business Enterprise Permitted In UAE Types of business entities There are mainly three types of business entities permitted by law in the UAE and they are: (a) Professional (b) Commercial (c) Industrial Professional License is issued to professionals, artisans and craftsmen. The Professional License is for rendering professional services which entirely depends on the skills, knowledge and experience of the professional concerned. The holder of professional license is not p..

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Key Features of VAT in UAE

UAE is one of the Member States of the GCC. All GCC Countries have agreed to implement the VAT latest w.e.f. 01.01.2019 and in that direction, have already passed the Framework for common law which is consumption based model. The Framework would be binding on all Member States who shall design their own VAT Law within it. Federal Decree-Law No. (8) of 2017 on VAT has already been passed by Government making the effective date of VAT implementation from 01.01.2018. Executive Regulations are also ..

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In the rush of GST, take care of MVAT audit

Arjuna (Fictional Character): Krishna, GST has been applicable from 1st July but Sales tax department has issued notification regarding VAT Audit on 8th December. Please explain in details regarding VAT Audit.  Krishna (Fictional Character): Arjuna, although the GST has been applicable, the taxpayers of Maharashtra to whom the VAT Audit of the financial year 2016-17 is applicable, they have to do Audit and file the report. Similarly, from April 2016, the monthly returns are to be filed b..

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How to do VAT impact Assessment - UAE VAT

UAE is going to implement VAT w.e.f. 1st January 2018. The country has never witnessed any tax regulations in the past and therefore introduction of VAT is going to significantly change the way business is done. So, it becomes important for each business to understand the impact of VAT on their business and prepare themselves well in advances to ensure business continuity with least hiccups. Many professionals have been supporting the business in assessing the VAT impact on their business. Ho..

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Extension of date for online filing of DVAT return

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI  DEPARTMENT OF TRADE AND TAXES  (POLICY BRANCH)  VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002  No.F.7 (420)/VAT/Policy/2011/PF/1159-64 Dated:13/02/17  CIRCULAR NO.23 of 2016-17  Sub: Filing of online return for 3rd quarter of 2016-17 - Extension of period thereof.  In partial modification to this department's Circular No. 21 of 2016-17 on the subject cited above and in exercise of the power..

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Fly the Patang of VAT Audit before 9th February 2017

Arjuna (Fictional Character): Krishna, Sankranti festival brings the atmosphere of enthusiasm. Everyone is involved in flying kites and all ladies are busy in the preparation for giving gifts. The Sales tax department extended the date of filing of VAT Audit report. So tell me how kite of VAT Audit of dealers will be filed? Krishna (Fictional Character): Arjuna, If we compare VAT and kite flying then the person who is flying kite is Trader, "kite" is VAT Return, "Chakri" m..

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Ease given to filing old Mvat returns

Arjuna (Fictional Character): Krishna, the festival of Makar Sankranti has arrived. Small children are in rush and excited to fly kites. Even government is trying to fly the kite of GST. But before that the Maharashtra Sales tax department has brought circular for flying kite of old not submitted VAT returns. What ease (Dhil) is given in filing these old returns? Krishna (Fictional Character): Arjuna, on Makar Sankranti it is said that "Til Gul ghya god god bola" like that Sales tax..

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Odisha VAT Provisions - A study for construction and real estate sector

Introduction The issue of taxability of works contracts under VAT and Service Tax is something which has confronted assessee leading to frequent referrals to Courts over the years. While the issue of taxability under Sales Tax has led to referrals over the last 50 years or so, the issue with regard to service tax is a more recent one. But often the issue of taxability centres around the basic nature of contracts and the valuation methodology that should be adopted under both Sales Tax/VAT and..

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Maintenance of Books of Accounts and their Worship on the eve of Diwali

Arjuna (Fictional Character):  Krishna, the festival of Diwali has arrived. Housewives (Gruhlaxmi) are busy in cleaning and decorating homes. Businessmen are also busy in the market. Accordingly please explain, what should be done of old records of Books of accounts under MVAT and Income Tax Act, so that cleaning of business places can be done. Krishna (Fictional Character):  Arjuna, in Diwali we should discard the old things and welcome the new things. Also Goddess L..

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No change in MVAT rates of commodities

THERE IS NO CHANGE IN THE BELOW MENTIONED COMMODITIES. (EXCEPT the below commodities the MVAT Rate has changed from 5.5 % to 6% and from 12.5% to 13.5% w.e.f. 17th September 2016.) 4(A) Cotton yarn but not including cotton yarn waste 8 Aviation Turbine Fuel sold to a Turbo-prop aircraft 20 Cereals & pulses (with effect from 1st April 2006 onwards) in whole grain, split or broken form other than those to which any other entry in this Schedule or any schedule applies. Rice, whea..

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