Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: due date for vat payment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: form 3cd :: ACCOUNTING STANDARD :: empanelment :: articles on VAT and GST in India :: list of goods taxed at 4%
 
 
VAT (Value Added Tax) »
 Govt may send notice to 162 companies; ask for VAT returns
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
 New tax structure not higher than VAT

Ministry of Finance announces flexibility with pricing displays during onset of VAT
October, 01st 2014

The Ministry of Finance announced there will be some leniency with pricing display during the early days of the VAT.

This statement comes after retail businesses voiced concerns about the amount of effort that will be required to change all display prices immediately on January 1st. “We recognize that many businesses, such as retail grocers, will need extra days and perhaps weeks beyond January 1st to replace sticker prices on all shelved inventory. As such, they will be given until February 28 to complete the process,” Financial Secretary, John Rolle said. As of March 2015, enforcement of VAT inclusive price displays will become more absolute

Under the VAT Act, VAT registrants will have to display all prices inclusive of any amount of VAT that must be paid. In other words, the 7.5% VAT that is payable on a product must already be added to the price on display. “An item for example that sells today for $10 and has a VAT charge of 75 cents must have a display price of $10.75.”
Mr. Rolle explained that this sticker re-pricing has to be done for all items in stock. He said that the flexibility that the VAT Department will take under the law will be to allow stores to have some items on display that still show their old price stickers. “However, to help with consumer education and to ease the transition, business will have to use bin tags, flyers and other means to openly advertise their VAT inclusive prices,” he said.

The Financial Secretary further added that “the VAT Department is urging that notices of price changes be posted in stores before the end of 2014.

As price tags are updated, customers may find some items with old stickers still in place. However, once the difference between the new and old stickers prices exactly match the amount of VAT that must be paid, consumers will not be allowed to exploit this difference, by demanding the lower prices. We will recommend to the government that the finalized VAT regulations reflect this policy rule.”

Despite the leniency on display pricing, the legal requirement for VAT registrants to issue proper customer receipts will be enforced from the beginning of the year. That is, the amount of VAT charged will always have to be shown on sales receipts.

The Financial Secretary indicated that the Ministry of Finance will begin to issue updated VAT guidance notes around the middle of October. These notes will expand on the transitional rule for pricing displays.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions