Daily Archives: February 28, 2016

Govt Approved constitution of Banks Board Bureau (BBB)

By | February 28, 2016

The Prime Minister Shri Narendra Modi approves the constitution of Banks Board Bureau(BBB); Shri Vinod Rai, Former CAG of India, appointed as the Chairman of Banks Board Bureau The Prime Minister Shri Narendra Modi has approved the proposal of the Department of Financial Services(DFS),Ministry of Finance for the constitution of the Banks Board Bureau with the… Read More »

Text of Prime Minister’s Mann ki Baat on All India Radio on 28.02.2016

By | February 28, 2016

Text of Prime Minister’s  Mann ki Baat on All India Radio मेरे प्यारे देशवासियो, नमस्कार! आप रेडियो पर मेरी ‘मन की बात’ सुनते होंगे, लेकिन दिमाग इस बात पर लगा होगा – बच्चों के exam शुरू हो रहे हैं, कुछ लोगों के दसवीं-बारहवीं के exam शायद 1 मार्च को ही शुरू हो रहे हैं। तो… Read More »

APVAT :guidelines for detention of goods by check post officials withdrawn

By | February 28, 2016

ANDHRA PRADESH VAT Earlier guidelines for detention of goods by check post officials withdrawn Earlier guidelines states that whenever check post officials notice irregularities in consignments in parcel lorries, they were directed to transfer the goods along with detention notice and other documents to the assessing authority for verification of documents and to take appropriate… Read More »

ANDHRA PRADESH VAT : Online registration to facilitate ease of doing business

By | February 28, 2016

ANDHRA PRADESH VAT Online registration to facilitate ease of doing business. Andhra Pradesh Government has introduced online registrations by the prospective dealers, thereby dispensing with the manual filing of Registration applications in the offices of the CTO for ensuring ease in doing business. Further to obtain registrations in a hassle free manner, the practice of… Read More »

ANDHRA PRADESH VAT : Person/ authority notified for deducting tax

By | February 28, 2016

ANDHRA PRADESH VAT Person/ authority notified for deducting tax Andhra Pradesh Government vide Notification (Commercial Taxes) dated 30th January, 2016 has notified a list of persons/authority for deducting tax from amounts payable to a dealer in respect of sale of any taxable goods effected by him and also on the amounts payable towards lease/hiring charges at rates of… Read More »

ANDHRA PRADESH VAT : Generation of e-CST Waybills

By | February 28, 2016

ANDHRA PRADESH VAT Generation of e-CST Waybills/ CST statutory forms only for commodities which are mentioned in CST Registration Certificate Andhra Pradesh Government has developed a system from 01.02.2016 by which a dealer would be able to generate e-CST Waybills only for commodities which are registered in the VATIS. Similarly, the dealers cannot generate eWaybills… Read More »

RAJASTHAN VAT: Information to be submitted by e-commerce companies

By | February 28, 2016

RAJASTHAN VAT: Information to be submitted by e-commerce companies The e-commerce companies, transporters/ courier companies (effecting delivery) or intermediaries (receives any amount) who sold or purchased goods in the State through e-commerce is liable to furnish information in Form EL-1, EL-2 and EL-3 to AC/ Commercial Tax Officer within 15 days from the end of relevant month.… Read More »

RAJASTHAN VAT Amnesty Scheme 2016 to be effective upto 15.03.2016

By | February 28, 2016

RAJASTHAN VAT   Amnesty Scheme 2016 to be effective upto 03.2016 Rajasthan Government vide Notification No. F. 12(16) /FD/ TAX /2009-116 dated 21st January, 2016 has introduced Amnesty Scheme 2016 which provide for waiver of interest & penalty. To avail the benefit under the Scheme, the applicant is required to submit an application in Form AS-I appended to this… Read More »

Delhi Vat -Amendment in Rule 28 Dealer’s periodic Returns

By | February 28, 2016

DELHI VAT Amendment in Rule 28 (Dealer’s periodic Returns) of Delhi Value Added Tax Rules, 2005. Sub-rule (3) of Rule 28 states that return DVAT-16 & DVAT-17 shall be furnished by transmitting the data in the return electronically on www.dvat.gov.in and thereafter submitting the Return Verification Form in Form DVAT-56, in duplicate. Such return and form shall… Read More »

Delhi Govt revised ratio of auto-downloading of central statutory forms

By | February 28, 2016

DELHI VAT Ratio for auto-downloading of central statutory forms has been revised from 60% to 45%. Delhi Government has prescribed that the facility of auto-downloading of the forms shall not be available for the tax period where the ratio of sale to purchase, (including stock transfer and local transactions) falls below 45%. The purchase of… Read More »

Amendment in Rules of Tamil Nadu Value Added Tax Rules 2007

By | February 28, 2016

TAMIL NADU VAT Amendment in Rules of Tamil Nadu Value Added Tax Rules 2007 Tamil Nadu Government vide Notification No. G.O. Ms.No. 18 dated 29th January, 2016 has amended following rules of Tamil Nadu Value Added Tax Rules, 2007: Rule 4 – Application for Registration Rule 5 – Certificate of Registration Rule 6 – Accounts Rule… Read More »

Maharashtra Govt set time limit for granting refund to VAT Dealers

By | February 28, 2016

MAHARASHTRA VAT Guidelines for granting refund to the certain class of dealers within stipulated time limit Maharashtra Government has provided following time limit for granting refund to Dealers eligible to file Audit Report in Form e-704, Dealers not eligible to file Audit Report and PSI cases: Time Limit- Condition- Within 45 days from due date… Read More »

Modifed list of documents for MAHARASHTRA VAT Registration application

By | February 28, 2016

MAHARASHTRA VAT Modification in the list of documents required to be submitted along with the registration application Maharashtra Government has given following relaxation in the documents to be uploaded at the time of online registration: Scanned copy of- Relaxation PAN Card If not available, details of PAN obtained fromwww.incometaxindiaefiling.gov.in may be accepted as a proof of… Read More »

Electronically submission of appeal under KARNATAKA VAT

By | February 28, 2016

KARNATAKA VAT Electronically submission of appeal on http://vat.kar.nic.in Karnataka Government has notified, with immediate effect, that any person objecting to any order or proceedings affecting him shall submit an appeal electronically through the website http://vat.kar.nic.in as per the instructions contained in the user manual hosted onto the website available under “Reports and Help”. [Notification No. EG1.CR-23/2015-16 dated 20th January,… Read More »

TELANGANA Extended date of mandatory usage of e-waybills by VAT dealers to 1stApril, 2016

By | February 28, 2016

TELANGANA VAT Date of mandatory usage of e-waybills by VAT dealers extended to 1stApril, 2016 Telangana Government has extended the date for mandatory usage of e-waybills from 01.02.2016 to 01.04.2016. It has also been specified that no more further extension will be given and all dealers should make necessary arrangements for use of e-waybills mandatorily… Read More »

online issuance of C forms in Mohali under PUNJAB VAT

By | February 28, 2016

PUNJAB VAT Launching of Pilot Project for online issuance of C forms in SAS Nagar, Mohali The Department has launched a pilot project for online issuance of ‘C’ forms for Quarter-1 and Quarter-2 of financial year 2015-16 for District Mohali for the convenience of the dealers. Now onwards, dealer can simply enter his login ID… Read More »

Extension of date for Karasamadhana Scheme 2015 of JHARKHAND VAT

By | February 28, 2016

JHARKHAND VAT Extension of date for applying and making payment under Karasamadhana Scheme, 2015. Karasamadhana Scheme was introduced to allow partial waiver of arrears, penalty and interest payable upto the Assessment Years 2005-06. The Jharkhand Government has extended the following mentioned dates: Last dates under the Scheme for Extended Date Earlier Dates Filing application 15.03.2016… Read More »

Composition Scheme for works contractor under Odisha Vat Act

By | February 28, 2016

Composition Scheme for works contractor effecting sales by way of transfer of property in goods Odisha Government vide Notification No. 1457-FIN-CT1-TAX-0035-2015 dated 16th January, 2016 has provided a composition scheme for a dealer who has effected sales by of transfer of property in goods under a works contract. Subject to the conditions specified in the notification, such dealer… Read More »

Road Permits to be mandatorily issued online w.e.f. 26.01.2016 in Nagaland

By | February 28, 2016

Road Permits (RP) to be mandatorily issued online w.e.f. 26.01.2016 With a view to further expand the e-Services for better service delivery, Nagaland Government has notified that all Road Permits (RP) shall be mandatorily issued online w.e.f. 26th January, 2016. The Road Permit shall be issued for the purpose of importing goods into the state as… Read More »

All Industry Rates of Duty Drawback notified w.e.f. 11.02.2016

By | February 28, 2016

All Industry Rates of Duty Drawback notified w.e.f. 11.02.2016 CBEC vide Notification No. 22/2016-Cus., (N.T.), Dated: February 8, 2016 has notified the All Industry Rates of Duty Drawback effective from 11.02.2016 subject to the notes and conditions specified therein. The detailed rates and explanations can be obtained from www.cbec.gov.in. [Notification No. 22/2016-Cus., (N.T.), Dated: February 8, 2016; Circular… Read More »

Amendments in CENVAT Credit Rules

By | February 28, 2016

Amendments in CENVAT Credit Rules The CENVAT Credit Rules have been amended vide Notification Nos. 01/2016- CX (N.T) and 02/2016- CX (N.T), both Dated: February 03, 2016 as follows: For the purpose of definition of Input Services,sales promotion would include services by way of sale of dutiable goods on commission basis. The condition of allowing only 85% of… Read More »

Service Tax & Cess for the purpose of Rebate of Service Tax to include Swachh Bharat Cess

By | February 28, 2016

Service Tax & Cess for the purpose of Rebate of Service Tax to include Swachh Bharat Cess CBEC vide Notification No. 03/2016-Service Tax, Dated: February 03, 2016 has amended the meaning of “service tax and cess” so as to include Swachh Bharat Cess therein for the purpose of Rebate of Service Tax paid for providing service exported… Read More »

Refund of Swachh Bharat Cess to unit located in SEZ or Developer of SEZ

By | February 28, 2016

Refund of Swachh Bharat Cess to a unit located in a SEZ or Developer of SEZ CBEC vide Notification No. 02/2016-Service Tax, Dated: February 03, 2016 has provided that the SEZ Unit or the Developer will be entitled to refund of the Swachh Bharat Cess paid on the specified services on which ab-initio exemption is admissible but… Read More »

Exports – Rebate by way of refund of Service Tax

By | February 28, 2016

Exports – Rebate by way of refund of Service Tax – Notification No. 41/2012 –ST amended CBEC vide Notification No. 01/2016-Service Tax, Dated: February 03, 2016 has amended Notification No. 41/2012 – ST, Dated: June 29, 2012 so as to allow refund of service tax on services used beyond the factory or any other place or premises of production… Read More »

Valuation method for flats handed over to land owners by builders/ developers

By | February 28, 2016

Regarding valuation of flats for levy of Service Tax Valuation method for flats handed over to land owners by builders/ developers as recommended by Education Guide 2012 (Para 6.2.1) and the CBEC Circular No. 151/2/2012-ST dated 10.2.2012 are divergent in nature. According to the CBEC Education Guide on Taxation of Services, 2012 value of construction service provided… Read More »

Any Services provided by Government to Business Entity will be liable to Service Tax from 01.04.2016 onwards

By | February 28, 2016

Any Services provided by Government to Business Entity will be liable to Service Tax from 01.04.2016 onwards Finance Act (No. 20), 2015 had substituted the words ‘support services’ provided by Government or a local authority to a business entity by the words ‘any services’ under Negative List. Now all services provided by the Government or local… Read More »

Gujarat Budget Highlights

By | February 28, 2016

Budget Highlights for the State of Gujarat  1. E-Commerce Transactions to be covered under purview of Entry Tax It has been proposed to impose Entry tax on the goods coming in the State through e-commerce as the trade of State dealers is affected adversely & also the State suffers loss of tax revenue due to… Read More »

No Service tax on News service by an independent journalist

By | February 28, 2016

Service tax And an independent journalist Question : Is there any Service tax , if  an independent journalist renders service of Collecting and providing news ? Answer,  NO As per Point No 17 of Notification No. 25/2012-Service Tax Dated 20th June, 2012 ,Central Government, exempts the following taxable services ” Services by way of collecting or providing news by… Read More »

Chairman of Private Bank is Public Servant under prevention of corruption Act

By | February 28, 2016

Issue Whether the Chairman, Directors and Officers of Global Trust Bank Ltd. (a private bank before its amalgamation with the Oriental Bank of Commerce), can be said to be public servants for the purposes of their prosecution in respect of offences punishable under Prevention of Corruption Act, 1988 or not ? Held Under Clause (viii)… Read More »

Contract of Company (in liquidation) with its employees comes to an end on the passing of the winding up order

By | February 28, 2016

Issue : What is the  relevant date upto which workmen’s dues in winding up need to be calculated ? Held On the relevant date upto which workmen’s dues in winding up need to be calculated, it is to be noted that under Section 445(3) of the Companies Act, 1956, the contract of the Company (in… Read More »

JURISDICTION OF PANs OF TRUSTS SUBMITTING ITR-7

By | February 28, 2016

SECTION 139A OF THE INCOME-TAX ACT, 1961  PERMANENT ACCOUNT NUMBER  JURISDICTION OF PANs OF TRUSTS SUBMITTING ITR-7 FOR ASSESSMENT YEARS 2014-15 AND 2015-16 AS ON 28-1-2016 LETTER F.NO.DGIT(S)/DIT(S)-3/AST/CIT EXEMPTION JURIS/98/2015-16, DATED 22-2-2016 Kindly refer to the subject matter. 2. Post cadre-restructuring, it has been observed that number of PANs of Trust are lying in non-exemption… Read More »