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Urgent help needed.....may 2011.

Suraj Agarwal (Self Practitioner in Income Tax & GST) (782 Points)

15 May 2011

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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6 Replies

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

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 .

VAT

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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.

Attached File : 279585 715950 icai e journal may 2011.pdf downloaded: 184 times

Suraj Agarwal (Self Practitioner in Income Tax & GST) (782 Points)
Replied 15 May 2011

Originally posted by : Suresh_Smiter
	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.

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
	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. ??????

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.