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: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
VAT (Value Added Tax) »
 15% rise in collectionof VAT for Oct-Nov
 China to simplify tax scheme after switch to VAT
 Cabinet clears key proposals on VAT, regularisation of jobs
 Cases of VAT overcharging flood consumer forum
 State seeks relief from Centre
 Flat rate VAT changes for small businesses explained
 Cenvat Credit Of Additional Duties Of Customs [Cvd] On Imported Coal
 Excise Dept puts VAT refund on fast track
 Consumer fora receive 18 VAT plaints
 Appointment of Assistant VATO - F.3(14)/Fin(Rev-I)2012-13/DSVI/334
 Bio-diesel body seeks VAT relaxation

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 2016 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