Suraj Agarwal (Self Practitioner in Income Tax & GST) (782 Points)
15 May 2011Friends,
plz. tell me that in the VAT Part of IDT paper, which state law will take in consideration to the reply of questions ? Because many matters are concerned with different state laws seprately.
As I prepared with Deepak Gupta VAT Notes, & in that there are at many place mentioning that "AS PER D-VAT ACT ".
So Please Clear this Confusion. Thanks to All Replies in Advance
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 15 May 2011
| Originally posted by : Suraj Agarwal | ||
 |
Friends, plz. tell me that in the VAT Part of IDT paper, which state law will take in consideration to the reply of questions ? Because many matters are concerned with different state laws seprately. As I prepared with Deepak Gupta VAT Notes, & in that there are at many place mentioning that "AS PER D-VAT ACT ". So Please Clear this Confusion. Thanks to All Replies in Advance |
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Vat and service tax will cover 40 marks....!!!!!!!!!!
For Vat part:
State level VAT: only basic concept.
All relevent part are same for every state level VAT act.
Read the Diffrent stages and method for computation of tax
Input Tax Credit
Vat composition scheme on state laws
Assessement and audit for VAT
Special Transactions in VAT
And CST after introduction of VAT .
Suraj Agarwal
(Self Practitioner in Income Tax & GST)
(782 Points)
Replied 15 May 2011
For example,
Tax Credit on Capital Goods is adjusted in every state law differently. It may be in 36 Instalments or At the time of Purchase i.e. 100%.
Same as there is various topics which are directly concerned with State Law.
So, what should we do in the exam. ??????
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 15 May 2011
National Conference for IT Industry at Bangalore
Date & Time : 24th and 25th June (Friday & Saturday), 2011
Venue: Hotel Le-Meridian, Sankey Road, Bangalore
Technical Session -2 : 01:45 p.m –03:45 p.m.
Topics to be discussed: Indirect Tax issues impacting the IT Industry Classification and Valuation of Services, Exemptions, Abatements & Special Rates, CENVAT Credits.
Suraj Agarwal
(Self Practitioner in Income Tax & GST)
(782 Points)
Replied 15 May 2011
| Originally posted by : Suresh_Smiter | ||
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National Conference for IT Industry at Bangalore Date & Time : 24th and 25th June (Friday & Saturday), 2011 Venue: Hotel Le-Meridian, Sankey Road, Bangalore Technical Session -2 : 01:45 p.m –03:45 p.m. Topics to be discussed: Indirect Tax issues impacting the IT Industry Classification and Valuation of Services, Exemptions, Abatements & Special Rates, CENVAT Credits. |
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Excuse Me Mr. Suresh.......!! I am asking for this may 2011 exam. So reply only to that topic.
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 15 May 2011
| Originally posted by : Suraj Agarwal | ||
|
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For example, Tax Credit on Capital Goods is adjusted in every state law differently. It may be in 36 Instalments or At the time of Purchase i.e. 100%. Same as there is various topics which are directly concerned with State Law. So, what should we do in the exam. ?????? |
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Each state-vat legislations may define capital goods differently .
But under VAT system the dealer depending upon the volum of capital goods and the tax component on the same the magnitude of the cascading effect can be imagined.
Refer Study mat for more detals on
Procedure requirements for caim of set off.
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 15 May 2011
Dont' worrie....!!!!!!
No such issue will arise in exam........!!!!!!!!!!
Only normal provision of VAT is applicable in may term ........Not on State level VAT requirment are there..........
CAclubindia
