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Legal-Updates - Page 3

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

September 30, 2020

[By Jyotish M Shah, Partner] Widening the scope of TCS (Tax Collection at Source) on foreign remittance, selling overseas tour package, and sale of goods over a prescribed limit from 1st October 2020. Section 206C providing for TCS has been amended to widen the scope to cover: Authorised Dealer who receives Rs.7 Lacs or more from person for remittance out

Gujarat VAT & CST

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

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

[By Shaleen Shah (Partner), VNCA] All the existing charitable and religious institutions

Service Tax Amendments – The Finance Act, 2010

[By Shaleen Shah (Partner), VNCA] DOWNLOAD PDF FILE Budget-2010 proposed several amendments

Gujarat VAT Dealers will now have to file stock details in 201C every month

May 25, 2017

Gujarat VAT & CST

As per Gujarat VAT Rules, till now Dealers were required to file Stock Statement in prescribed Form 201C every quarter other than certain small scale Dealers who had to file the Stock Statement on half-yearly basis. Through a Notification dtd. 12-May-2017, the Gujarat Government has amended the aforesaid Rules stipulating

B2C music, e-books, cloud services from foreign portals will now attract service tax

November 14, 2016

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] If you download music or an e-book from a site within India, or buy some storage on a cloud from a domestic service provider within India, it attracts service tax. However if such downloads are made or storage is purchased from an overseas site service

GST Enrolment–Transition of existing tax payers to GST

November 8, 2016

GST·Gujarat VAT & CST·Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] The Government has started preparation for transition of existing tax payers to GST. All existing taxpayers registered under any of the following Acts will be transitioned to GST: 1) Central Excise 2) Service Tax 3) State Sales Tax or VAT 4) Entry Tax 5) Luxury

Gujarat VAT/Sales Tax Amnesty Scheme-2016

August 2, 2016

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] In the Gujarat State Budget for FY 2016-17, the State Finance Minister had announced that in view of the imminent implementation of the composite Goods & Services Tax (GST), it was necessary to resolve the problems relating to past outstanding tax dues under the VAT

Download Draft Model of GST Law

June 15, 2016

GST·Gujarat VAT & CST

Download Draft Model of GST Law

Equalisation Levy of 6% on e-commerce transactions applicable from 1-Jun-2016

June 6, 2016

Income Tax

[By Shaleen Shah (Partner), VNCA] We had informed you earlier that based on the recommendations a CBDT committee on taxation of e-commerce, Finance Minister Arun Jaitley had in his Budget proposed an Equalisation Levy of 6% to tap tax on income accruing to foreign e-commerce companies from India. Budget-2016 has

Service Tax Department cannot conduct audit under Rule 5A(2)–Delhi High Court

June 4, 2016

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] It is a general practice of Service Tax Department to conduct audit of service tax assessees for last five years by deputing their own officers of the rank of Inspectors and Superintendents. Service Tax Department also seeks voluminous details and seeks information in self-specified format/annexures

Budget 2016 enacted on 14-May – Service Tax Amendments effective from various dates

May 17, 2016

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] The Union Budget 2016 presented by Hon’ble Finance Minister, Shri Arun Jaitley was passed by both houses of the Parliament and received the Presidential assent and thus stands enacted on 14-May-2016. Service Tax Changes proposed in the Union Budget-2016 are coming into effect

Gujarat Budget 2016-17–VAT Amendments

April 13, 2016

Gujarat VAT & CST

[By Shaleen Shah (Partner) with Kirit Rana (Manager-VAT), VNCA] Gujarat Budget 2016-17 was passed by the State Assembly on 30-Mar-2016. The gist of VAT amendments enacted in the budget read with relevant notifications is as follows – INCREASE IN TAX RATES W.E.F. 1-APR-2016: 1. New Entry No.49C in Sch-II: Luxury

Amendment of Rules regarding quoting of PAN for specified transactions w.e.f. 1-Jan-2016

January 20, 2016

Income Tax

It is mandatory under Rule 114B of the Income Tax Rules to quote PAN where the transactions exceed a specified limit. To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value, the Government has amended Rule 114B

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Legal-Updates - Page 3

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

Extension of due date for filing Gujarat VAT Annual Return

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

Service Tax Amendments – The Finance Act, 2010

Gujarat VAT Dealers will now have to file stock details in 201C every month

B2C music, e-books, cloud services from foreign portals will now attract service tax

GST Enrolment–Transition of existing tax payers to GST

Gujarat VAT/Sales Tax Amnesty Scheme-2016

Download Draft Model of GST Law

Equalisation Levy of 6% on e-commerce transactions applicable from 1-Jun-2016

Service Tax Department cannot conduct audit under Rule 5A(2)–Delhi High Court

Budget 2016 enacted on 14-May – Service Tax Amendments effective from various dates

Gujarat Budget 2016-17–VAT Amendments

Amendment of Rules regarding quoting of PAN for specified transactions w.e.f. 1-Jan-2016

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