In a Circular issued by the Commercial Tax Department on 20-Dec-2013, the due date for Filing of Gujarat VAT Audit Report u/s 63 of the Gujarat Value Added Tax Act, 2003 for the financial year 2012-13 has been extended to 31-Jan-2014. The due date for obtaining VAT Audit Report has also been extended to 31-Jan-2014.
Export-oriented units (EOUs) in Gujarat have a new problem. The development commissioner (DC), Kandla, has asked the units to return the Central Sales Tax (CST) refunded to them, on the basis of objections raised by the Central Revenue Audit (CRA) team from Ahmedabad. According to para 6.11 (c) (i) of the Foreign Trade Policy (FTP), [...]
Goods, Services Tax Bill unlikely to be passed in winter session
Recently, the larger Bench of the apex court in the case of L&T vs state of Karnataka, held that any agreement to sell immovable property entered into prior to construction would fall within the purview of the term ‘works contract’, allowing state governments the power to levy value-added tax (VAT) on such contracts. This issue [...]
[Source: www.accountingtoday.com; Author: Michael Cohn] The Senate has approved legislation requiring online retailers to collect sales taxes from Internet sales, even if they don’t have a physical presence in the state where the customer resides. The Marketplace Fairness Act has attracted wide support from brick-and-mortar retailers who have seen shoppers coming to their stores to [...]
[By Shaleen Shah (Partner), VNCA] Gujarat Value Added Tax (Amendment) Act, 2013 enacted through Gujarat Act No.9 of 2013 VAT Amendments proposed in Gujarat Budget 2013-14 presented on 24-Feb-2013, was enacted & received the assent of the Governor on 30-Mar-2013. The tax amendments made in the budget and notified vide Notification No. (GHN-4) will be [...]
[By Shaleen Shah (Partner), with Kirit Rana (Manager) & Kushal Shah (CA Student), VNCA] The Gujarat Finance Minister placed the Budget for 2013-14 before the State Assembly on 24-Feb-2013. The Budget proposals include the following changes in VAT & Other Tax Rates: Sr. No. TOPIC DESCRIPTION Existing rates Proposed rates 1. LUMP SUM TAX (VAT) [...]
Panel recommends states be allowed to time their entry; formula proposed for CST compensation The recommendation, largely in line with the demand from states, would be subject to a final nod from finance minister P. Chidambaram. Photo: AFP New Delhi: The centre and states are poised to strike a compromise that will pave the way [...]
Govt may not be able to roll out GST before 2014 polls.
12/11/2012 – First OECD Global Forum on VAT confirms the need for an international standard on the VAT-treatment of international trade Countries around the world need to agree urgently on a global framework for the application of Value Added Taxes (VAT; also called Goods and Services Taxes, GST) to international trade, particularly in services and [...]