CAclubindia

MJ Krishnamurthy's Expert Profile

Queries Replied : 1703

About me

I am a retired Assistant Commisioner of Commercial Taxes of Karnataka. I retired in 1998 at the age of 58.During this service I tried to go in detail about sales tax laws. Immeadiately after retirement some companies wanted to retain me as their consultant. That is how my touch with the subject of VAT laws continued.The website of CAclub india is giving a good opportunity to share my knowledge with others. I am an exserviceman from IAF. So, Iam a little different from other taxmen. We should do some service to the community that has offered us so much, That is my purpose.....Bye.

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Mahesh S. Pillai says : Thank you sir
Sir, Thankyou sir for claryfying my query. Got a clearcut perspective.

Nagaraju says : WCT in Coimbatore - SEZ
Thanks for the reply Sir. But we have deducted the TDS (u/s 194C)and deposited the same. The vendor is not charging us VAT and Service tax becuase we have an exemption certificate. So we are not suppose to deduct WCT on civil interior furnishing and construction.

dharmender says : composition tax
Sir, Good afternoon Sir, i want to know that if a civil contractor opts composition schemen under madhyapradesh (Bhopal) Vat than what will be tax rates thanks to suggest me

MJ Krishnamurthy says : VAT or COT
Mr Manjunath, As you are purchasing medicines from other states you have to take up normal registration under VAT only.In the case of dealers who buy goods from other states composition of tax is not permitted.....MJK

MJ Krishnamurthy says : VAT on one time sale....
Mr ishensur If you have collected VAT on any bills it should be deposited to the department of commercial taxes forth with. You should not retain with you.Sale of furniture fromone unit to another is taxable(VAT).If you have not deposited the collected tax in the very next month you have to pay interest @ 1.5%/pm and a penalty(10% in Karnataka)as applicable in your State......MJK