Tax treatment of stock of goods as on 31.12.2013 taxable at first stage under Punjab VAT0 comments Saturday, January 4, 2014
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.
Clarifications Regarding Single Stage Taxation by Excise and Taxation Department1 comments Monday, December 30, 2013Punjab Voluntary Disclosure of Value Added Tax Scheme, 20130 comments Friday, December 27, 2013
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:-
Implications of tax levied at first point of sales on certain goods under Punjab VAT0 comments Thursday, December 26, 2013
In this article the implications of a latest amendment in the Punjab VAT Act, 2005 are analysed, whereby system of single point of taxation has been introduced in respect of certain goods by two notifications dated 13.12.2013, applicable w.e.f 01-01-2014.
By notification no. S.O.116/P.A8/2005/S.8/2005/S.8/2013 dated 13-12-2013 certain goods have been made tax free and the pre-condition for such goods to become tax free is that tax has already been paid at the first point of sale i.e manufacturer or first importer’s stage. By notification No. S.O 117/P.A.8/2005/S.8/2013 dated 13-12-2013 the same goods which have been made tax free, have been made taxable at special rates of 14.5% and 22.5% at the first point of sale of such goods i.e. first manufacturer or first importer's stage. Single point of taxation is not an optional levy on MRP under newly added section 8-C: During past few days many people have raised query whether such levy of tax at the first stage of sale is a levy under newly added section 8-C which purposes to levy an optional tax on the MRP of certain goods whereby subsequent sales will be exempted from tax. It should be noted that the above levy on the first stage is not a levy on the MRP of the goods and nor the notification has been issued u/s 8-C, rather the above notifications have been issued u/s 8(3) of PVAT Act, which means that the above said levy on the first point of sale is mandatory in respect of the all the taxable persons and the levy on the first stage is not an optional levy on MRP under newly added section 8-C of Punjab VAT Act, 2005. Tax implications of Stock existing as on 31.12.2013: Another question which frequently coming into everybody's mind is that what will be the status of the stock of such goods lying on 31-12-2013 which have been made taxable at the first stage of sales in the above notification . To find out answer to the above question, one will have to answer certain questions. First question: whether the said notification No. 116 while imposing the condition of tax being paid at the first point of sale for making such goods as tax free, refers to the tax paid on the first point of sale payable at the rates as mentioned in the later notification No. 117 or tax paid on first point of sales at any rate as existing before 31-12-2013. The answer to the above question has not been given in any of the notifications no. 116 or 117. In the absence of any clarification, as per the rule of strict construction, it should be presumed that notification is referring to tax at any rate i.e rate existing before 31-12-2013 and also after 31-12-2013.
Second question: Thus going by above interpretation, the next question is whether stock of such goods as being made taxable at first point of sale in the above said notifications, as existing on 31-12-2013, whether have suffered tax at first stage of sale?
Before the above said notifications no. 116 and 117, the goods notified therein suffered tax at all stages including the first stage of sales, as per the multiple point of taxation system of VAT. Therefore the stock of such goods as existing on 31-12-2013, have definately suffered tax on the first stage of sales, if they were purchased from within the State of Punjab at a stage later than the first stage of sales, thus once the goods have suffered tax at the first stage of sales, such tax at first stage must also have been paid either by cash or by adjustment of credit of tax paid on the inputs. Thus concluding, the stock of such goods (which have been made taxable at first stage of sale), as existing on 31-12-2013 should also be treated as tax free after 01-01-2014 as per notification No. 116, (if the same were purchased at a stage later than the first stage of sales in Punjab) as the condition of tax being paid at the first stage of sales stands fulfilled in case of goods remaining in stock on 31-12-2013. In case if the stock of such goods as existing on 31-12-2013 includes goods purchased from outside the State of Punjab by the owner of such stock, then such goods will become taxable w.e.f 01.01.2014 as the same would be sold at the first stage of sales.
The further question is whether dealers should bifurcate their stock of such goods into the goods which would be taxable at first stage and which would be tax free, of their own only as no stock declaration to that effect has been asked for.
Whether any reversals are required to be made on the stock as on 31.12.2013-Role of Rule 21(4) of Punjab VAT Rules, 2005: Rule 21(4) of Punjab VAT Rules, 2005 provides that where some goods as input or output are lying in the stock of a taxable person and where such goods become tax free from a particular date, then from that date, no input tax credit shall be admissible to the taxable person on the sale of such goods lying in the stock or on using the goods as input for making such tax free goods.
Thus the input tax credit if any standing on the stock of such goods which have been made taxable at first stage of sales and on which tax at the first stage has been paid, would have to be reversed and no input tax credit would be available on the sales of such goods w.e.f. 01.01.2014.
There may be some cases where the stock of such goods exists on 31.12.2013 but no corresponding ITC is standing in the books of a dealer, due to the fact that ITC on such stock of goods has been already utilised against other output tax liability by such dealer.
In such case whether such dealer should reverse the Input tax credit on the stock of such goods on which tax has already been paid at first stage of sales, is a question to be asked, because if the input tax credit on such goods have been already utilised, that would mean that tax paid on the previous stages of purchase such goods has been realised by the such owner of the stock.
No Declaration form prescribed for the first stage dealer: The person who has sold the goods at first stage of sales w.e.f 01.01.2014 and paid the tax on it, no declaration form has been prescribed for such person, declaring that the tax has been paid at the first stage of sales.
In the absence of such a form it would be difficult for the third and fourth stage dealers to prove that tax on first stage of sales has been paid and it may also lead to tax evasion.
In nut shell more clarifications are required from the Excise and Taxation Department to address the above issues before implementing the single point of taxation system.
No tax deduction on labour and service part of works contract under Punjab VAT-Commissioner clarifies0 comments Sunday, December 22, 2013
In an
application u/s 85 of Punjab VAT Act, 2005 moved by me on behalf of my
client, it has been held by the Excise and Taxation Commissioner, Punjab on 04-12-2013 that Judgement of Punjab &
Haryana High Court in CWP 14797 of 2010 Larsen and Toubro vs State of Haryana is binding on all concerned works
contractors. Single point of taxation introduced in Punjab VAT.1 comments
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.
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Tax treatment of stock of goods as on 31.12.2013 taxable at first stage under Punjab VATSaturday, January 4, 2014
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.
Clarifications Regarding Single Stage Taxation by Excise and Taxation DepartmentMonday, December 30, 2013Punjab Voluntary Disclosure of Value Added Tax Scheme, 2013Friday, December 27, 2013
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:-
Implications of tax levied at first point of sales on certain goods under Punjab VATThursday, December 26, 2013
In this article the implications of a latest amendment in the Punjab VAT Act, 2005 are analysed, whereby system of single point of taxation has been introduced in respect of certain goods by two notifications dated 13.12.2013, applicable w.e.f 01-01-2014.
By notification no. S.O.116/P.A8/2005/S.8/2005/S.8/2013 dated 13-12-2013 certain goods have been made tax free and the pre-condition for such goods to become tax free is that tax has already been paid at the first point of sale i.e manufacturer or first importer’s stage. By notification No. S.O 117/P.A.8/2005/S.8/2013 dated 13-12-2013 the same goods which have been made tax free, have been made taxable at special rates of 14.5% and 22.5% at the first point of sale of such goods i.e. first manufacturer or first importer's stage. Single point of taxation is not an optional levy on MRP under newly added section 8-C: During past few days many people have raised query whether such levy of tax at the first stage of sale is a levy under newly added section 8-C which purposes to levy an optional tax on the MRP of certain goods whereby subsequent sales will be exempted from tax. It should be noted that the above levy on the first stage is not a levy on the MRP of the goods and nor the notification has been issued u/s 8-C, rather the above notifications have been issued u/s 8(3) of PVAT Act, which means that the above said levy on the first point of sale is mandatory in respect of the all the taxable persons and the levy on the first stage is not an optional levy on MRP under newly added section 8-C of Punjab VAT Act, 2005. Tax implications of Stock existing as on 31.12.2013: Another question which frequently coming into everybody's mind is that what will be the status of the stock of such goods lying on 31-12-2013 which have been made taxable at the first stage of sales in the above notification . To find out answer to the above question, one will have to answer certain questions. First question: whether the said notification No. 116 while imposing the condition of tax being paid at the first point of sale for making such goods as tax free, refers to the tax paid on the first point of sale payable at the rates as mentioned in the later notification No. 117 or tax paid on first point of sales at any rate as existing before 31-12-2013. The answer to the above question has not been given in any of the notifications no. 116 or 117. In the absence of any clarification, as per the rule of strict construction, it should be presumed that notification is referring to tax at any rate i.e rate existing before 31-12-2013 and also after 31-12-2013.
Second question: Thus going by above interpretation, the next question is whether stock of such goods as being made taxable at first point of sale in the above said notifications, as existing on 31-12-2013, whether have suffered tax at first stage of sale?
Before the above said notifications no. 116 and 117, the goods notified therein suffered tax at all stages including the first stage of sales, as per the multiple point of taxation system of VAT. Therefore the stock of such goods as existing on 31-12-2013, have definately suffered tax on the first stage of sales, if they were purchased from within the State of Punjab at a stage later than the first stage of sales, thus once the goods have suffered tax at the first stage of sales, such tax at first stage must also have been paid either by cash or by adjustment of credit of tax paid on the inputs. Thus concluding, the stock of such goods (which have been made taxable at first stage of sale), as existing on 31-12-2013 should also be treated as tax free after 01-01-2014 as per notification No. 116, (if the same were purchased at a stage later than the first stage of sales in Punjab) as the condition of tax being paid at the first stage of sales stands fulfilled in case of goods remaining in stock on 31-12-2013. In case if the stock of such goods as existing on 31-12-2013 includes goods purchased from outside the State of Punjab by the owner of such stock, then such goods will become taxable w.e.f 01.01.2014 as the same would be sold at the first stage of sales.
The further question is whether dealers should bifurcate their stock of such goods into the goods which would be taxable at first stage and which would be tax free, of their own only as no stock declaration to that effect has been asked for.
Whether any reversals are required to be made on the stock as on 31.12.2013-Role of Rule 21(4) of Punjab VAT Rules, 2005: Rule 21(4) of Punjab VAT Rules, 2005 provides that where some goods as input or output are lying in the stock of a taxable person and where such goods become tax free from a particular date, then from that date, no input tax credit shall be admissible to the taxable person on the sale of such goods lying in the stock or on using the goods as input for making such tax free goods.
Thus the input tax credit if any standing on the stock of such goods which have been made taxable at first stage of sales and on which tax at the first stage has been paid, would have to be reversed and no input tax credit would be available on the sales of such goods w.e.f. 01.01.2014.
There may be some cases where the stock of such goods exists on 31.12.2013 but no corresponding ITC is standing in the books of a dealer, due to the fact that ITC on such stock of goods has been already utilised against other output tax liability by such dealer.
In such case whether such dealer should reverse the Input tax credit on the stock of such goods on which tax has already been paid at first stage of sales, is a question to be asked, because if the input tax credit on such goods have been already utilised, that would mean that tax paid on the previous stages of purchase such goods has been realised by the such owner of the stock.
No Declaration form prescribed for the first stage dealer: The person who has sold the goods at first stage of sales w.e.f 01.01.2014 and paid the tax on it, no declaration form has been prescribed for such person, declaring that the tax has been paid at the first stage of sales.
In the absence of such a form it would be difficult for the third and fourth stage dealers to prove that tax on first stage of sales has been paid and it may also lead to tax evasion.
In nut shell more clarifications are required from the Excise and Taxation Department to address the above issues before implementing the single point of taxation system.
No tax deduction on labour and service part of works contract under Punjab VAT-Commissioner clarifiesSunday, December 22, 2013
In an
application u/s 85 of Punjab VAT Act, 2005 moved by me on behalf of my
client, it has been held by the Excise and Taxation Commissioner, Punjab on 04-12-2013 that Judgement of Punjab &
Haryana High Court in CWP 14797 of 2010 Larsen and Toubro vs State of Haryana is binding on all concerned works
contractors. Single point of taxation introduced in Punjab VAT.
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.
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