Due date for efiling of VAT return for Qtr2-2013-14 extended to 05.11.2013

0 comments Wednesday, October 30, 2013
Due to heavy rush on online efiling and on demand by the trading community the
date of efiling of returns for the second quarter i.e. 01.07.2013 to 30.09.2013 is extended
upto 5th of November 2013.
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Punjab to have single-stage VAT regime

0 comments Wednesday, October 23, 2013
In a major relief to traders, the Punjab Government has decided to remove the multiplicity in Value Added Tax (VAT) on all commodities by imposing it right at the manufacturing level. The move will not only simplify the taxation procedure, but also eliminate the practice of doing business without proper accounting of sales.

The decision to implement the single-stage taxation regime was taken by the state Cabinet yesterday. It decided to bring a Bill to this effect in the forthcoming session.

Once cleared by the Assembly, the government would ask all major manufacturers selling their goods across the state to charge entire VAT component from the distributor itself. The simplification of tax structure is the main thrust of the new trade policy, which would be announced on November 14.

Of the 2.25 lakh registered VAT dealers in Punjab, only 900 pay more than Rs 1 crore as VAT in a year. A large number of dealers do not pay any VAT, by not accounting sales in their books.
With the new taxation structure in force, Punjab will be amongst the few states to have brought in a single-stage taxation regime. Deputy Chief Minister Sukhbir Singh Badal said the step would go a long way in ensuring that all trade in Punjab was accounted for.

Simplifying things
* The new taxation regime will provide that VAT is imposed right at the manufacturing level

* The manufacturers will pay the entire VAT and then collect it from the remaining people in the supply chain (ie distributors, wholesalers and retailers etc.)

* Besides simplifying the taxation procedure, it will also eliminate the practice of doing business without proper sales accounting

Source: The Tribune
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Public Notice on advance VAT under Punjab VAT Act, 2005

0 comments Monday, October 7, 2013
Excise and Taxation Department has issued a public notice on 06.10.2013 regarding recently levied advance VAT under Punjab VAT Act, 2005. This public notice specify that 100% adjustment of advance VAT is available against tax liability of a taxable person at the time of filing of his return. This public notice tends to suggest the intention of the legislature that no reversals from advance tax will be made in case of inter-state stock transfer or manufacturing of tax free goods or u/s 13(5) where ITC on certain goods is barred.

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Goods on which advance VAT under Punjab VAT Act, 2005, is imposed

0 comments Sunday, October 6, 2013
Punjab Government has notified goods u/s 6(7) of the Punjab VAT Act, 2005 on which Advance VAT will be recovered. Section 6(8) of the Punjab VAT Act, 2005 earlier considered Entry Tax as deemed advance VAT. 
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Entry Tax withdrawn, Advance VAT levied

Punjab Government has withdrawn the Entry tax under the Punjab Tax on Entry of Goods into Local areas Act, 2000, which was under judicial scrutiny and was cause of continous litigation between the Government and the VAT dealers across the State.

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Procedure for payment of Advance Tax under Punjab VAT Act, 2005

Excise and Taxation Department
Dated: 4th October 2013
Attention: All VAT Dealers, Transporters, Chartered Accountants and Advocates

Subject: Payment of Advance Tax
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