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 :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARD :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT RATES :: empanelment :: Central Excise rule to resale the machines to a new company
 
 
VAT (Value Added Tax) »
 Petrol prices set to rise in Goa with increase in VAT
 Payment systems to remain open on all days from March 25, 2017 to April 1, 2017
 Delhi cuts VAT on ATF to 1% for regional flights; other states to announce the same soon a
 Shops cannot charge VAT on discounted items: Consumer forum
 Delhiites have to pay lowest taxes as AAP govt announces cuts on VAT on various items
 Tamil Nadu minister justifies VAT hike on fuel
 State Government urged to withdraw hike in VAT on petrol, diese
 High VAT may encourage illegal trading
 Delhi budget unlikely to have any new tax proposals this year
 Date for filing quarterly VAT returns extended
 Framing of Central Assessments - Dated 2-2-2017 - VAT - Delhi

VAT Dept develops software to curb bogus billing
May, 30th 2013

The commercial tax department of Gujarat has designed a software to track bogus billing tactics adopted by businessmen for tax evasion.

The software, once in operation, will track all transactions online.

“We want to bring transparency in dealings across the state. During our study, we found a number of instances where trader collects tax from buyer, but doesn’t deposit it with the exchequer,” said a high-ranking official with the department.

“There are also instances of bogus or fake bills. We need to stop this menace and therefore have upgraded our software that will reveal all information,” he added.

The tool, once live on the department’s website, will help dealers file their tax returns.

“Whenever a dealer files return by citing invoice and registration numbers of the concerned parties, he/she will get information whether the issuer has paid tax or not,” said the official. “If the issuer party or seller hasn’t paid the tax, then assessee is not entitled to get tax credit on the particular transaction,” he added.

The state government, in this year’s budget, had amended rules pertaining to VAT, which allows buyer to claim tax credit only when the tax is paid in previous transaction. The move was aimed at bringing transparency. But traders opposed it saying an honest businessman might fall prey due to denial of tax credit, instead of the one collecting tax but not depositing it with the government.

There are 4.17 lakh registered traders (dealers) in Gujarat. Despite cries of slowdown and lower consumer demand in the economy, VAT collection showed a healthy increase in 2012-13. Total VAT collection in the state was Rs41,800 crore in 2012-13 – 26% higher than the year before.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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