VAT Articles

IMPACT OF GOODS AND SERVICE TAX ON TRANSPORT SECTOR

Member (Account Deleted) 07 May 2010 at 11:17

IMPACT OF GOODS AND SERVICE TAX ON TRANSPORT SECTOR CA. Rajat Mohan 1 Introduction Transport services, is used both as intermediate input and in final consumption. The transport equipments are also subject to multiple taxation at both Central

Some Views on Penal Provisions u/s 29(8) of MVAT Act

Amit Bajaj 26 March 2010 at 11:38

It is well esteblished principle that the power to levy penality under taxation laws is incidental and ancillary to the power of collection of tax and is provided to make sure the compliance of tax deposits by the assessees. Taxation laws are welfar

KVAT Amendments

Pavan Jain S 08 March 2010 at 11:16

Major Changes in Karnataka Value Added Tax Act, 2003 effective from April 1, 2010: · VAT exemption on paddy, rice, wheat, pulses and products of rice and wheat extended for one more year from 1.4.2010. · Tax on M

75 draft issues,discloser and notes to MVAT Audit Report

CA Umesh Sharma 05 March 2010 at 12:14

Let’s go through the requirement of New Form 704 for important disclosures and notes, which may be helpful to mvat auditor to explain his views. Further the mvat auditor shall be a careful draftsmen of audit report. The Mvat audit report will

Changes in Delhi VAT

CA.Tarun Maheshwari 18 January 2010 at 13:58

CHANGES IN D-VAT ACT-2004 1- RATE OF D-VAT INCREASED w.e.f. 14-1-2010 all items mentioned in schedule-III of D-VAT Act (i.e. items that were sold @ 4% earlier) will be sold @ 5%. 2- LIMITATION ON THE CLAIM OF INPUT TAX CREDIT w.e.f. 1-1-2010, the

Accounting For VAT-CST

CA Jay Rambhia 09 January 2010 at 15:31

Accounting for VAT/CST Background VAT intends to bring harmonization in the tax structure of various States and rationalizeThe overall tax burden. The essence of VAT is that it provides credit/set-off for input tax, i.e., tax paid on purchases, again

GOODS AND SERVICES TAX - A COLOSSAL TAX REFORM

Vijay Kalia 04 January 2010 at 09:24

GOODS AND SERVICES TAX – A COLOSSAL TAX REFORMINTRODUCTION OF GST/VAT:The Goods and Services Tax and VAT have long past the latter having been first suggested in 1974 in the report tabled by L. K. Jha

A Primer on Proposed Tax System on Goods and Services

CA Pradip Shah 18 December 2009 at 18:53

A Primer on Proposed Tax System on Goods and ServicesPart-I: Basic Concept and FrameworkBy CA. Pradip R Shahe-mail: pradip@pradiprshah.com Introduction:With the release of the First Discussion Paper (FDP) by the Empowered Committee (EC) on the propo

Major highlights of draft guideline on Goods and service tax

Jigar 18 November 2009 at 19:30

1. Central and state GST will apply on all transaction of goods and services. 2. Tax paid as central GST will be allowed to taken as input tax credit. 3. State GST will also be allowed to be taken as input tax credit. 4. Cross-utilisation of input ta

VAT's PROBLEMS AND ISSUES

NIDHI BANSAL 30 September 2009 at 14:14

Almost three-fourths of India has adopted the VAT regime, switching off its age-old sales tax system that had existed for more than 50 years. However, due to certain political and other considerations, some of the states have not joined the bandwagon