Single point of taxation introduced in Punjab VAT.1 comments Sunday, December 22, 2013
Punjab Government has surprisingly introduced single stage tax system under the Punjab VAT Act, 2005. Punjab Government has notified certain goods, most of which are consumable goods, on which tax under Punjab VAT Act has been levied only at the first stage of its sale. Deployment of ATM machines for banks is not transfer of right to use goods0 comments Friday, December 13, 2013
This Judgement of Punjab VAT Tribunal
has been delivered in one of my cases namely Prizm Payment services Pvt. Ltd.
vs State of Punjab Appeal No. 413 of 2013 decided on 15/11/2013 Shocking amendment in section 66-Analysis of Punjab VAT (Second Amendment) Act, 2013-part 40 comments Monday, December 2, 2013
Amendment in section
51- Person incharge included transporters: Section 51 which relates
to the road side checking law has been amendmed so as to provide that the
person incharge of goods shall also include the carrier of goods or agent of
transport company or booking agency or any other bailee for transportation and
in-charge or owner of a bonded warehouse or of any other warehouse. Analysis of Punjab Value added Tax (Second Amendment) Act, 2013 - part 30 comments Sunday, December 1, 2013
In a series of articles
on the analsyis of Punjab Value added Tax (Second Amendment) Act, 2013 this is
a third article in which the major amendments under Punjab VAT Act, 2005 are
discussed herebelow:
Analysis of the amendments under Punjab VAT(Second Amendment) Act, 2013 - part-20 comments Saturday, November 30, 2013
In continuation of my earlier article Analysis of
major amendments in Punjab Value Added Tax (Second Amendment) Act, 2013,
herebelow the remaining provisions of the said Act are being discussed and
analysed.
Analysis of the major amendments under Punjab VAT (Second Amendment) Act, 2013 - Part-10 comments Thursday, November 28, 2013
The Punjab Value Added Tax (Second Amendment) Act, 2013 (Punjab Act No. 38 of 2013) has brought about major and very important changes under the Punjab VAT Act, 2005. All the changes are disucssed and analysed herebelow for the benefit of all blog readers: THE PUNJAB VALUE ADDED TAX (SECOND AMENDMENT) ACT, 20130 comments Tuesday, November 26, 2013
Notification No. 49-Leg/2013.- Dated 15th November, 2013
The
following Act of the Legislature of the State of Punjab received the
assent of the Governor of Punjab on the 15th Day of November, 2013, is
hereby published for general information:- Due date for efiling of VAT return for Qtr2-2013-14 extended to 05.11.20130 comments Wednesday, October 30, 2013
PUBLIC NOTICE
ATTN:-TAXABLE PERSONS, ADVOCATES, CHARTED ACCOUNTANTS, COST
ACCOUNTANTS.
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.
Punjab to have single-stage VAT regime0 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 Public Notice on advance VAT under Punjab VAT Act, 20050 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. Goods on which advance VAT under Punjab VAT Act, 2005, is imposed0 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.
Entry Tax withdrawn, Advance VAT levied0 comments
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.
Procedure for payment of Advance Tax under Punjab VAT Act, 20050 comments
GOVT. of PUNJAB
Excise and Taxation Department
PUBLIC NOTICE
Dated: 4th October 2013
Attention: All VAT Dealers, Transporters, Chartered Accountants and Advocates
Subject: Payment of Advance Tax F form under CST Act can cover transactions of a period more than one month0 comments Saturday, September 21, 2013
Calcutta High Court in Cipla Limited vs Deputy Commissioner, Commercial Tax reported as VSTI 2013 Vol. 17 B-509 has held that There is nothing in Rule 12(5) of CST (R&T) Rules which could be construed to vitiate a declaration form i.e "F" form on a ground that such declaration form covered transactions for a period of more than a month. Extension of time limit for assessment by a public notice on the website is not valid0 comments Thursday, September 19, 2013
Punjab VAT Tribunal in Olam Agro India Limited vs State of Punjab (2013) 21 STM 128 has held that extension of time limit u/s 29 of Punjab VAT Act, 2005 from 3 years to 6 years, for making assessment of a person, by giving a public notice on the website of the department, is not valid extension.
Monetary limit for audit under Punjab VAT Act, 2005 raised to one Crore from Fifty lacs0 comments Tuesday, September 17, 2013
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE AND TAXATION
(EXCISE AND TAXATION-II BRANCH)
NOTIFICATION
The September, 2013
No. . - In exercise of the
powers conferred by sub-section (1) of
section 70 of the Punjab Value Added Tax
Act, 2005 (Punjab Act NO.8 of 2005), and all
other powers enabling him in this behalf,
the Governor of Punjab is pleased to make the
following rules further to amend the Punjab
Value added Tax Rules, 2005, namely:-
RULES
1 (1) These rules may be called the Punjab
Value Added Tax ( Amendment) Rules, 2013.
(2) They shall come into force on and with
effect from the date of their publication in the Official Gazette.
2 In the Punjab Value Added Tax Rules, 2005
in rule 41, for the words "fifty lacs",the words "one crore" shall be substituted.
D.P.REDDY,
Financial Commissioner Taxation and
Secretary to
Government of Punjab,
Department of Excise and Taxation.
Processing fee amount revised under Punjab VAT Rules, 2005-certain points0 comments
Punjab Government has revised the amount of processing fee leviable under
rule 40-A of the Punjab VAT Rules, 2005. Rule 40-A earlier envisages payment
of annual processing fee of Rs. 800/- by every taxable person under the
Punjab VAT Act, 2005. Now the different amount of processing fee have been defined for different persons based upon the criteria of payment of taxes by them and their turnover. Notification for Extension of date for receipt of ITR-Vs in CPC, Bengaluru, for the cases of AY 2012-13 and 2011-12 received in e-filed in FY 2012-13.0 comments Sunday, September 15, 2013
There are many taxpayers who have uploaded their Income Tax Returnselectronically (without digital signature Certificate) for A.Y. 2011-12 [filed during F.Y. 2012-13] and for ITRs ofA.Y. 2012-13 [filed on or after1.4.2012], but have either not filed the corresponding ITR-V or have filed it with the local Income-tax office. |
Single point of taxation introduced in Punjab VAT.Sunday, December 22, 2013
Punjab Government has surprisingly introduced single stage tax system under the Punjab VAT Act, 2005. Punjab Government has notified certain goods, most of which are consumable goods, on which tax under Punjab VAT Act has been levied only at the first stage of its sale. New Procedure and form for depositing advance VAT in PunjabWednesday, December 18, 2013Deployment of ATM machines for banks is not transfer of right to use goodsFriday, December 13, 2013
This Judgement of Punjab VAT Tribunal
has been delivered in one of my cases namely Prizm Payment services Pvt. Ltd.
vs State of Punjab Appeal No. 413 of 2013 decided on 15/11/2013 Shocking amendment in section 66-Analysis of Punjab VAT (Second Amendment) Act, 2013-part 4Monday, December 2, 2013
Amendment in section
51- Person incharge included transporters: Section 51 which relates
to the road side checking law has been amendmed so as to provide that the
person incharge of goods shall also include the carrier of goods or agent of
transport company or booking agency or any other bailee for transportation and
in-charge or owner of a bonded warehouse or of any other warehouse. Analysis of Punjab Value added Tax (Second Amendment) Act, 2013 - part 3Sunday, December 1, 2013
In a series of articles
on the analsyis of Punjab Value added Tax (Second Amendment) Act, 2013 this is
a third article in which the major amendments under Punjab VAT Act, 2005 are
discussed herebelow:
Analysis of the amendments under Punjab VAT(Second Amendment) Act, 2013 - part-2Saturday, November 30, 2013
In continuation of my earlier article Analysis of
major amendments in Punjab Value Added Tax (Second Amendment) Act, 2013,
herebelow the remaining provisions of the said Act are being discussed and
analysed.
Analysis of the major amendments under Punjab VAT (Second Amendment) Act, 2013 - Part-1Thursday, November 28, 2013
The Punjab Value Added Tax (Second Amendment) Act, 2013 (Punjab Act No. 38 of 2013) has brought about major and very important changes under the Punjab VAT Act, 2005. All the changes are disucssed and analysed herebelow for the benefit of all blog readers: THE PUNJAB VALUE ADDED TAX (SECOND AMENDMENT) ACT, 2013Tuesday, November 26, 2013
Notification No. 49-Leg/2013.- Dated 15th November, 2013
The
following Act of the Legislature of the State of Punjab received the
assent of the Governor of Punjab on the 15th Day of November, 2013, is
hereby published for general information:- Due date for efiling of VAT return for Qtr2-2013-14 extended to 05.11.2013Wednesday, October 30, 2013
PUBLIC NOTICE
ATTN:-TAXABLE PERSONS, ADVOCATES, CHARTED ACCOUNTANTS, COST
ACCOUNTANTS.
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.
Punjab to have single-stage VAT regimeWednesday, 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 Public Notice on advance VAT under Punjab VAT Act, 2005Monday, 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. Goods on which advance VAT under Punjab VAT Act, 2005, is imposedSunday, 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.
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.
Procedure for payment of Advance Tax under Punjab VAT Act, 2005
GOVT. of PUNJAB
Excise and Taxation Department
PUBLIC NOTICE
Dated: 4th October 2013
Attention: All VAT Dealers, Transporters, Chartered Accountants and Advocates
Subject: Payment of Advance Tax F form under CST Act can cover transactions of a period more than one monthSaturday, September 21, 2013
Calcutta High Court in Cipla Limited vs Deputy Commissioner, Commercial Tax reported as VSTI 2013 Vol. 17 B-509 has held that There is nothing in Rule 12(5) of CST (R&T) Rules which could be construed to vitiate a declaration form i.e "F" form on a ground that such declaration form covered transactions for a period of more than a month. Extension of time limit for assessment by a public notice on the website is not validThursday, September 19, 2013
Punjab VAT Tribunal in Olam Agro India Limited vs State of Punjab (2013) 21 STM 128 has held that extension of time limit u/s 29 of Punjab VAT Act, 2005 from 3 years to 6 years, for making assessment of a person, by giving a public notice on the website of the department, is not valid extension.
Monetary limit for audit under Punjab VAT Act, 2005 raised to one Crore from Fifty lacsTuesday, September 17, 2013
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE AND TAXATION
(EXCISE AND TAXATION-II BRANCH)
NOTIFICATION
The September, 2013
No. . - In exercise of the
powers conferred by sub-section (1) of
section 70 of the Punjab Value Added Tax
Act, 2005 (Punjab Act NO.8 of 2005), and all
other powers enabling him in this behalf,
the Governor of Punjab is pleased to make the
following rules further to amend the Punjab
Value added Tax Rules, 2005, namely:-
RULES
1 (1) These rules may be called the Punjab
Value Added Tax ( Amendment) Rules, 2013.
(2) They shall come into force on and with
effect from the date of their publication in the Official Gazette.
2 In the Punjab Value Added Tax Rules, 2005
in rule 41, for the words "fifty lacs",the words "one crore" shall be substituted.
D.P.REDDY,
Financial Commissioner Taxation and
Secretary to
Government of Punjab,
Department of Excise and Taxation.
Processing fee amount revised under Punjab VAT Rules, 2005-certain points
Punjab Government has revised the amount of processing fee leviable under
rule 40-A of the Punjab VAT Rules, 2005. Rule 40-A earlier envisages payment
of annual processing fee of Rs. 800/- by every taxable person under the
Punjab VAT Act, 2005. Now the different amount of processing fee have been defined for different persons based upon the criteria of payment of taxes by them and their turnover. Notification for Extension of date for receipt of ITR-Vs in CPC, Bengaluru, for the cases of AY 2012-13 and 2011-12 received in e-filed in FY 2012-13.Sunday, September 15, 2013
There are many taxpayers who have uploaded their Income Tax Returnselectronically (without digital signature Certificate) for A.Y. 2011-12 [filed during F.Y. 2012-13] and for ITRs ofA.Y. 2012-13 [filed on or after1.4.2012], but have either not filed the corresponding ITR-V or have filed it with the local Income-tax office. |
Posts
