VAT Articles

CENVAT

Sathya Sankeerth K N 10 May 2011 at 12:26

CENVAT Basic purpose of VAT is to avoid cascading effect in the payment of taxes to the government. Its main advantage can be found as fall in the payment of taxes by the ultimate consumer. CENVAT also comes in the same format but is structured in

Levy of penalty or interest for non submission of C forms

Amit Bajaj 09 May 2011 at 16:18

As we know C forms are required to be submitted by a seller with the sales tax authorities after obtaining the same from the purchaser of goods if the sale is an interstate sales and CST has been charged at concessional rate of 2% as per the require

Remand of penalty orders in appeal whether justified?

Amit Bajaj 09 April 2011 at 20:14

Meaning of Remand:When an appellate court sends an appealed case back to the trial court for further action, the case is said to be remanded. This usually happens if the trial judge has made an error which requires a new trial or hearing. Under Ta

Goods and Services Tax Council: Alternative to Federal Economy

Rabish Chandra 30 March 2011 at 13:09

IntroductionIndia's Finance Minister Shri Pranab Mukherjee on 22nd March 2011 introduced Goods and Services Tax Bill in Parliament. In fact this bill is basically the constitutional amendment bill proposing for the provision of simultaneous powers on

Extension of Limitation period for assessment under PVAT Act

Amit Bajaj 17 March 2011 at 12:03

Section 29(4) of Punjab VAT Act 2005 provides that an assessment u/s 29(2) or 29(3) may be made within three years after the date when the annual statement was filed or due to be filed, whichever is later. Proviso to the said sub sec

Right of appeal | An Insight

V. SRIKANTH 04 March 2011 at 11:49

A Division Bench of the Kerala High Court considered the validity of section 17D(5) of the Kerala General Sales Tax Act, 1963. The said provision provided that appeals against the assessment orders issued under the fast track method shall lie wit

Ceiling rate on Declared goods under CST Act incresed to 5%

Amit Bajaj 02 March 2011 at 11:35

It has been proposed in the Budget 2011-12 to increase the ceiling of 4% on declared goods under section 15 of CST Act to 5%. Currently State Governments cannot levy VAT more than 4% on declared goods. Declared goods are those goods which are of

Penultimate Sales under CST Act 1956-Submission of H forms

Amit Bajaj 14 February 2011 at 11:50

Tax by State Governments on sales or purchase of goods made during the cource of import or export of such goods is prohibited by article 286(1)(b) of the Constitution of India. Section 6(1) of CST Act also levies tax on interstate sales hence there

Exemptions available to SEZ unit from CST

Amit Bajaj 12 February 2011 at 11:28

Section 8(6),8(7) and 8(8) of the CST Act deals with the exemptions available to a SEZ unit or SEZ developer from CST. When goods are sold to a SEZ unit or SEZ developer then no CST is payable by such unit or developer as per the above sub sections

Internationally - Goods and Service Tax

Member (Account Deleted) 20 January 2011 at 10:59

VAT/GST provisions in countries other than India are quite streamlined and stable. As the Law in India is still not a reality we might look into the provisions which are in place since quite long and access the structure of rate, exemptions etc. 1. A