No reversal of ITC on closing stock of iron and steel goods is warranted under rule 21(8) of Punjab VAT Rules.

0 comments Wednesday, August 27, 2014
Recently while filing the fourth quarter return of year 2013-14, the Excise and Taxation Department, Punjab asked for the closing stock of Iron and steel goods lying in stock of dealers as on 29.01.2014 for the purpose of making reversal on such stock at the rate of 2.20% of the available Input tax credit on such closing stock. The reason for such action was the newly added rule 21(8) in Punjab VAT Rules, 2005, which was introduced w.e.f. 01.02.2014.
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Allahabad High Court Bars Non-Advocates From VAT Practice

0 comments Saturday, August 9, 2014
The Tax Lawyers Association filed a Writ Petition claiming that Rule 73 read with Rule 79(2)(f) of the U.P. Value Added Tax Rules 2008 which permits outsiders to practice in the field of Law before the VAT Authorities under the VAT Act is ultra vires section 33 of the Advocates Act 1961 which provides that only Advocates are entitled to practice before any Court or authority.
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