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: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARD :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd
 
 
News Headlines »
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C

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 2018 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