// archives

Gujarat VAT & CST

This category contains 59 posts

Guj-VAT Notifications–Reversal of ITC on purchases used for inter-state trade

[By Shaleen Shah (Partner), VNCA] We have informed you earlier (Guj-VAT Notification: Disallowance of ITC) that under Gujarat VAT laws, Input Tax Credit (ITC) is to be reversed by 2% on taxable turnover of Purchases when – (a)  the goods are sold / resold in the course of inter-state trade and commerce; (b)  the goods [...]

New Online Facility for Input Tax Credit verification (Gujarat VAT)

[By Shaleen Shah (Partner), VNCA] You are aware that all dealers registered under Gujarat VAT Laws are required to file their returns online. Along with the main E-Return for VAT, each dealer (other than dealers who have opted for composition) is required to upload online the following details – Annexure 201A specifying the complete list [...]

Extension of due date for filing Gujarat VAT Annual Return

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.

Retrospective breather needed for EOUs in Gujarat

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

Goods, Services Tax Bill unlikely to be passed in winter session

L&T judgment opens a Pandora’s box

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 [...]

Even as India grapples to get States on board for GST, US Senate Passes Internet Sales Tax Legislation

[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 [...]

Gujarat Budget 2013-14 proposals enacted

[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 [...]

Gujarat Budget 2013-14 – Proposed changes in VAT & Other Tax Rates

[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) [...]

Tax reforms: stage set for GST deal

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 [...]