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: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: VAT Audit :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT RATES :: empanelment :: TDS :: ACCOUNTING STANDARD
 
 
VAT (Value Added Tax) »
 Govt should focus on income tax instead of VAT
 Amendments in the second Schedule received from Finance Deptt.
 VAT exemption stays in tax reform bill
 Income Tax Appellate Tribunal Bangalore Banches Bangalore 'A' Bench DB Case Causelist for The Week from 22-05-2017 To 25-05-2017
 Amendments in Second schedule appended to Delhi Value Added Tax Act, 2004
 Haryana govt exempts solar devices from VAT net
 Court rules out VAT on Paradise equity transfer
 VAT gone but riddle of derivatives traded on commodity exchanges lives on
 Rule 2(L) Of Cenvat Credit Rules, 2004 Amended
 Haryana govt exempts solar equipment from VAT
 AP to push for same benefits under GST for VAT exempted goods

Punjab VAT Act to be amended: Deputy CM
July, 31st 2014

Punjab Deputy Chief Minister Sukhbir Singh Badal on Tuesday ordered the withdrawal of the amendment made in the first provision of the Punjab (Value Added Tax) VAT Act, 2005, for availing input tax credit and asked the excise and taxation department to draft an Ordinance in this regard and present it for approval in the next meeting of the state cabinet.

Input tax credit (ITC) is a concession granted by the state government against the output tax liability on the sale or purchase of goods within the state jurisdiction. During October 2013, the state cabinet had given its nod to amend section 13 (1) of the Punjab VAT Act and this amended provision was also passed by the Punjab Assembly in this budget session.

The new amendment enshrines that ITC would not be available unless such goods were sold or used in the manufacturing or processing of goods meant for sale in the state.

Disclosing this, an official spokesman of the deputy chief minister's office said trader's associations had met him recently and apprised him of some suggestions in the said VAT act to check evasion of ITC.

Keeping this in view Badal, who is also heading the excise and taxation portfolio, has asked the department to extend the date of filing returns till August 20 and provide options to traders for filing their returns as per previous practice.

"To redress the grievances of trader's community the state government will amend clause 13 (1) of the Punjab VAT Act by an ordinance," he added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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