The other day I was sitting in the library of the Sales Tax Bar Association and a discussion was going on regarding the recent notifications and circulars, and I raised a point, that whether these circulars are ac
Some may develop a feeling of renunciation on achieving the age of 60 years, I on attaining the age of 60 years feel thankful to the society for whatever love and affection they have given to me, and think this is the time, I must try, whatever lit
One of my clients has received the demand notice from the Commercial Tax Department of Gujarat for payment of VAT against wrong claim of Input Tax Credit. On scrutinizing the relevant documents of input tax credit it was found that Tax Invoice was i
Transfer of Right to use goods for cash, deferred payment or valuable consideration is considered as deemed sales under sub-clause (d) of Article 366(29A) of Constitution of India and also consequently under Punjab VAT Act and CST Act liable to VAT
Changes in MVAT Act 2002 by the budget A. CHANGES IN TAX RATES : MVAT : 1. The exemption to wheat, rice, pulses and their flours, turmeric, chillies, tamarind, gur, coconut, cumin seeds, coriander seeds, fenugreek and parsley (Suva
Recent Judgment of Supreme Court on Trade discounts ` (M/s. IFB Industries Ltd. Vs. State of Kerala (Supreme Court) Background A Division bench of the Kerala High Court, in the case of M/s IFB industries Ltd has held that unle
STUDY ON TAXABILITY OF WORKS CONTRACT UNDER VAT & SERVICE TAX In order to constitute a works contract, two basic cumulative conditions need to be satisfied, i) there must be a transfer of property goods involved in the execution of spe
Tax Invoice Section 86 One of distinguishing features of VAT Act is the provision for Tax Invoice. There can be two types of sale invoice; Tax Invoice and other than Tax Invoice; i.e., bills, normal in
Works Contract has always been a matter of dispute for judiciary as well as professionals. The Complexity of transactions can briefly be gauged from the fact that applicable provisions include levy of Sales Tax (As per State Acts), Service Tax (As
Why this type of topic? Recently amendment is made in the Section 61 of the Maharashtra Value Added Tax Act, 2002 for levy of Penalty for incomplete audit report. First time in
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
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