Representation to Punjab Govt. on restriction of ITC on iron and steel under Punjab VAT

0 comments Thursday, February 27, 2014

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.
Read On

Implications of newly added Rule 21(8) of Punjab VAT Rules, 2005

0 comments Sunday, February 16, 2014
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.
Read On

Rahat for small traders in small towns-Punjab Small Traders Rahat Scheme, 2014

0 comments Friday, February 14, 2014
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.
Read On

Punjab & Haryana High Court also stays section 62(5) of Punjab VAT Act, 2005

0 comments Wednesday, February 12, 2014
Recently Supreme Court in Amrit Banaspati Company Pvt Ltd vs State of Punjab WP(c) No. 69 of 2014 has stayed the implementaion and operation of section 62(5) of Punjab VAT Act, 2005 which provides for pre-deposit of 25% of additional demand before entertainment of any appeal.
Read On

Outstanding creditors cannot be added to income u/s 41(1) even if such creditors are non traceable

0 comments Tuesday, February 11, 2014
 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.
Read On

Due date of fiing ITR-V for A.Y. 2009-10,10-11 & 11-12 in refund cases extended to 31.03.2014

1 comments
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.
Read On

RAHAT scheme under Punjab VAT to be notified soon for traders of small town

0 comments Sunday, February 9, 2014

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. 
Read On

Supreme Court stays section 62(5) of Punjab VAT Act, 2005-No need to pre-deposit 25% for filing appeal

0 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.
Read On

Reduced rate of tax now made applicable from 01.02.2014- stock as on 31.01.2014 to be declared

0 comments Saturday, February 1, 2014
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. 
 
Read On

VAT on Cigarettes and Cigars in Punjab reduced to 20.5%

0 comments
PUNJAB GOVT. GAZ. (EXTRA), JANUARY 29, 2014    195


(MAGHA 9, 1935 SAKA)
  
GOVERNMENT OF PUNJAB
Read On

VAT on milk and wheat reduced in certain cases under Punjab VAT

0 comments
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:
Read On
Subscribe to: Posts ( Atom )