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: due date for vat payment :: Central Excise rule to resale the machines to a new company :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARD
 
 
VAT (Value Added Tax) »
  Filing of reconciliation return in form 9 for the year 2016-17
 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?

VAT returns: Relief for traders as UT allows old form
January, 20th 2017

Giving relief to the traders, the Department of Excise and Taxation has kept in abeyance the operation of the amendment made in the VAT Form 15.

The administration amended the VAT Form 15 in July 2016 on the pattern of Punjab, making it mandatory for the traders to reverse the input tax credit on the closing stock. The amendment was opposed by the traders.

The department received representations from various trade organisations that they were unable to calculate their stock position in compliance with the amendment in Section 13(1) of the Punjab Value Added Tax Act, 2005 as extended to Chandigarh. An officer of the department said that keeping in mind the representation, the operation of the aforesaid amendment has been kept in abeyance and the traders have been given an option— either file their return in the older form or the amended version till the fourth quarter without reversal of the input tax credit on the closing stock.

In the amended VAT Form 15, the dealer was supposed to reverse the input tax credit (ITC) on the value of the closing stock and resultantly, he was supposed to deposit the tax on the closing stock. This was causing a great financial burden on the dealers. The option would remain available for filing the returns for the second and third quarters of 2016-17.

Ram Karan Gupta, chairman of the VAT Advisory Committee of the Chandigarh Beopar Mandal, welcomed the decision saying that they had raised the concern with the administration.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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