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: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: VAT Audit :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: cpt
 
 
News Headlines »
 E-filing ITR: Govt's income tax website or private websites?
 Income-tax (17th Amendment) Rules, 2017
 GST: One nation, one market, one tax
 Ready or not, businesses brace for biggest-ever tax reform
 Ready or not, businesses brace for biggest-ever tax reform
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return

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