0 comments Sunday, April 6, 2014Read On
Punjab Government has levied Advance VAT on 5 new items w.e.f 07.03.2014 these items are as follows:
0 comments Tuesday, April 1, 2014Read On
Notification No. S.O. 23/P.A.8/2005/S.8/2014.- Dated 25th March, 2014
Whereas the State Government is satisfied that circumstances exist, which render it necessary to take immediate action in public interest;
0 comments Friday, March 14, 2014Read On
Supreme Court of India in Amrit Banaspati Company Limited vs State of Punjab WP(c) 69 of 2013 has vacated stay on implementation and operation of section 62(5) of Punjab VAT Act, 2005, which was granted on 31.01.2014.
However the Supreme Court has stated in its order that there shall not be any coercive steps for recovery of the amount in question.
The record of proceedings in the said case is available on supreme court website which is made available herebelow for all concerned.
0 comments Thursday, February 27, 2014Read On
I had prepeared representation on behalf of Iron and steel industry in Punjab, which has been filed with the Punjab Government for withdrawl of latest notification dated 01.02.2014 regarding restriction of input tax credit on iron and steel goods to only two stages and also on closing stock as existing on the date of reduction of tax from 4.95% to 2.75% on iron and steel goods.
The representation covers the difficulties faced by the industry due to the above notification and some light has also been thrown on the constitutional validity of amendment covered under the said notification.
0 comments Sunday, February 16, 2014Read On
Recently Rule 21(8) of Punjab VAT Rules 2005 was introduced which provided that where some goods as input or output are lying in stock of a taxable person and where rate of tax is reduced from a particular date, then from that date, input tax credit shall be admissible to the taxable person on sale of goods lying in stock or on using the goods as input for manufacturing taxable goods, at the reduced rate.
0 comments Friday, February 14, 2014Read On
Punjab Government u/s 8-A of the Punjab VAT Act, 2005 has legislated Punjab Small Traders Rahat Scheme, 2014. This scheme has been legislated for the retailers of small towns which falls in the Class-II and Class-III categories notified seperately for this purpose.
0 comments Wednesday, February 12, 2014Read On
0 comments Tuesday, February 11, 2014Read On
Section 41(1) of the Act would apply in a case where there has been remission or cessation of liability during the year under consideration subject to the conditions contained in the statute being fulfilled. Additionally, such cessation or remission has to be during the previous year relevant to the assessment year under consideration.
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Circular No.. 04/2014, Dated : February 10, 2014
Subject – Non-Filing of ITR-V in returns with refund claims-relaxation of time- limit for filing ITR-V and processing of such returns -regarding.
0 comments Sunday, February 9, 2014Read On
Excise and taxation inspectors (ETIs) would not be allowed to check commercial premises of traders in at least 71 towns of Punjab after February 13 as the state excise and taxation department is launching a new scheme under which traders would have an option to pay value added tax (VAT) once a year in proportion to their annual income.
Supreme Court stays section 62(5) of Punjab VAT Act, 2005-No need to pre-deposit 25% for filing appeal0 comments Tuesday, February 4, 2014
In a very important case namely Dishnet Wireless Ltd vs The Commercial Tax Officer SLP No. 37727/2013 and in WP(c) No. 69 of 2014 namely Amrit Banaspati Limited vs State of Punjab Supreme Court has granted stay on the operation and implementation of section 62(5) of Punjab VAT Act, 2005.
0 comments Saturday, February 1, 2014Read On
In a public notice issued today on the website of the Department it now has been clarified that reduced rate of tax on iron and steel goods at the rate of 2.5% will now be applicable w.e.f 01.02.2014.
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PUNJAB GOVT. GAZ. (EXTRA), JANUARY 29, 2014 195
(MAGHA 9, 1935 SAKA)
GOVERNMENT OF PUNJAB
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Punjab Government has reduced VAT on milk when purchased for manufacturing taxable goods and on wheat when purchased for processing, from 6.05% to 3.3% (after adding surcharge of 10%). Wheat not to be used for processing purpose will continue to attract VAT @ 6.05%. Relevant notification is produced herebelow:
0 comments Friday, January 31, 2014Read On
Punjab Government has notified reduced rate of tax on Iron and steel goods as defined u/s 14 (iv) of Central Sales Tax Act, 1961 from 4.5% to 2.5% except on Non-CENVAT paid scrap.
Non-CENVAT paid scrap has been made taxable at the rate of 1% only. This change has been made effective from 25.01.2014.
0 comments Tuesday, January 21, 2014Read On
Having hiked the value added tax (VAT) on cigarettes last year to curb sales, the Punjab cabinet Monday decided to reverse the decision and reduced the tax on them.
Under the proposal approved by the cabinet at its meeting held here Monday with Chief Minister Parkash Singh Badal in the chair, VAT on cigarettes was reduced from 50 to 20.5 percent.
0 comments Sunday, January 5, 2014Read On
Madras High Court in a very important case namely USA Agencies vs The Commercial Tax Officer has held that input tax credit under system of VAT is merely a concession granted by the Legislature under the sales tax law, therefore the provisions relating to such concession must be strictly construed. In this Judgement the Madras High Court very well explained the concept of input tax credit and also the scheme of the VAT system.
0 comments Saturday, January 4, 2014Read On
As we all know single stage taxation has been introduced on certain items under the Punjab VAT Act, 2005, whereby the goods notified for such purpose will be taxed at the first stage of their sale in Punjab and thereafter at all subsequent stages such goods will be sold as tax free. This system is applicable from 01.01.2014.
0 comments Monday, December 30, 2013Read On
0 comments Friday, December 27, 2013Read On
DEPARTMENT OF EXCISE AND TAXATION
(EXCISE AND TAXATION-II BRANCH)
Dated: 20th December, 2013
Whereas with a view to bring in greater transparency in the discharge of tax liabilities by a taxable person under the Punjab Value Added Tax Act, 2005 (Punjab Act No.8 of 2005), it is considered necessary so to do, now, therefore, in exercise of the powers conferred by section 29-A of the aforesaid Act and all other powers enabling him in this behalf, the Governor of Punjab is pleased to notify the scheme for settlement of unpaid tax, namely:-
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