Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: form 3cd :: cpt :: ACCOUNTING STANDARDS :: VAT RATES :: ACCOUNTING STANDARD :: articles on VAT and GST in India
 
 
News Headlines »
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)

TN to amend VAT norm soon
February, 22nd 2007

Finetuning compounded rates of taxes

Tamil Nadu will soon introduce an amendment in the value added tax law that will benefit small dealers opting for compounded rates of tax.

Mr L. Palamalai, Member, Tamil Nadu VAT Monitoring Committee, told participants at a seminar on `Documentation challenges - VAT and service tax', that once the amendment is introduced, the compounded rate of tax would be applicable only on the taxable portion of the turnover for dealers with a turnover of Rs 10 lakh-50 lakh.

The VAT Act now says that the entire turnover would be subject to tax. The amendment will enable traders, on second and subsequent sale, to exclude from taxation the portion of the turnover from items that are exempt under VAT, he said.

Similarly, the Government has also clarified that for taking input credit on closing stock works in progress and finished goods are also covered. Section 88 of the VAT Act, which says `stock of goods held,' now covers finished goods and works in progress for claiming input tax credit, Mr Palamalai said.

Participants at the seminar organised by the CII Institute of Logistics, expressed concern over the elaborate documentation demanded under the VAT.

Mr M.R. Diwakar, Member of the institute and General Manager, Tube Investments, said that the requirement of submitting photocopies of invoices for claiming input tax credit simply means taking huge numbers of copies. A group in Chennai with interests in auto components manufacture has to take 15,000 photocopies of its purchase invoices.

Similarly, Form H that seeks details of the production-cum-stock account simply demands too much information, which would not be available to the company in practice - details such as wastage with the date of wastage, he said.

These contribute to the delay in companies completing the paper work.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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