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
Latest Expert Exchange
News Headlines »
 Don't know if you have to file income tax returns? Check this out
 When a Foreign Company is Said to be Resident in India – IT Notification No.29
 Instructions for filling out Form ITR-7
 Do not miss including these 5 incomes while filing your income tax returns
 Who can use ITR1 form to file tax return?
 Who can use ITR1 form to file tax return?
 Central Goods & Services Tax (Seventh Amendment) Rules 2018
 Filing your income tax returns? You need to know which form to submit
 Income tax return filing for FY 2017-18: Here are all the links you need
 Filing your income tax returns? Here are 4 challenges that you may face
 7th Pay Commission and Income Tax efiling: Here is how government employees need to file ITR for AY2018-19

FOR ATTENTION OF DELHI VAT DEALERS
March, 01st 2014
           DEPARTMENT OF TRADE & TAXES
    VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110002
                 http://dvat.gov.in

                         PUBLIC NOTICE

          FOR ATTENTION OF DELHI VAT DEALERS

You are required to have a principal place of business in Delhi
and intimate any change in its address to the Commissioner
within 30 days of such change.

As per the section 48 and Rules 42 & 19 of Delhi VAT Act & Rules,
you are also required to maintain and retain prescribed
records at the declared principal place of business in Delhi
for 7 years. The record may be in the form of soft/hard copy but
should be readily available on demand and be able to explain
all business transactions. Further, in case of multi-state operations,
all books of accounts should be separately maintained in
relation to business operations in Delhi.

However, it has come to notice that many dealers shift their place
of business to outside Delhi and even if they have an office in
Delhi, the records are shifted to outside Delhi. The records are also
not readily available and dealers seek time to produce prescribed
records.






Such actions on the part of dealers are gross violation of the
provision of DVAT Act and Rules, and raise suspicion about extent
of their business activities and veracity of records produced later.
The following actions can be taken against defaulting dealers:

(i) Penalty of sum of  50,000 or 20% of tax deficiency,
     whichever is greater, can be levied (Section 86).
(ii) Registration of dealer is liable to be cancelled (Section 22).
(iii) Dealers may lose the right to issue tax invoices against which
      input tax credit (ITC) can be claimed by purchasing dealers
      (Section 50).
(iv) Dealers would lose right to avail ITC on their purchases
      (Section 9).
(v) In hands of contractees, dealers will become liable for TDS
      deduction @ 6% on work contract activities (Section 36A).
(vi) Criminal prosecution leading to rigorous imprisonment up to
      six months and fine can be imposed (Section 89).

All the dealers are, therefore, directed to abide by the provisions of
Delhi VAT Act & Rules and maintain and retain sufficient records,
as prescribed, and for prescribed period at the designated principal
place of business in Delhi.
Please note that surprise checks are being conducted by the Department and these shall be further intensified from next month.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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