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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..

Posted in articles |   2 comments |   3429 Views


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 ..

Posted in news |   4137 Views


Registration, Provisions and Procedures under UAE VAT

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..

Posted in articles |   1 comments |   3696 Views


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..

Posted in articles |   3009 Views


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..

Posted in articles |   1 comments |   3006 Views


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..

Posted in articles |   2475 Views


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 ..

Posted in articles |   3 comments |   4143 Views


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..

Posted in articles |   3918 Views


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..

Posted in articles |   6615 Views


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..

Posted in articles |   3027 Views


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..

Posted in articles |   2178 Views


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 ..

Posted in articles |   6768 Views


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