Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: due date for vat payment :: ACCOUNTING STANDARDS :: form 3cd :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TDS :: cpt :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: list of goods taxed at 4%
 
 
VAT (Value Added Tax) »
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
 New tax structure not higher than VAT
 Cos will be reimbursed for exemptions that currently exist in the VAT regime
 GST will get states more than VAT
 Is it a modified Value Added Tax?

Industrialists rue delay in VAT refund
August, 22nd 2015

Business community is facing many hassles and long delays in getting value added tas (VAT) refund. They want interest on the refund amount delayed, besides several other changes like late filing of VAT return.

Industrialists have demanded that following the completion of assessment, where refund is due, the same should be given to assessees immediately. In case the refund is not released within 60 days, provision for interest on the delayed amount should also be there.

Kamal Dalmia, an industrialist, said, “The Excise and Taxation Department never issues the refund order within 60 days. Interest rate should be brought at par with the State Bank of India lending rates.”

He said normally inspection done after getting permission from the higher authority when there was adverse information on record. “In the Punjab VAT Act there is no such provision. Hence, in the guise of inspection assesses are only harassed,” he added. He said, “The inspection should be carried out only after getting the permission from higher authority in writing and the reason for inspection should be recorded before granting approval.”

Another entrepreneur Sundeep Khosla said, “The Excise and Taxation Department initiates action on the basis of VAT-15 without seeing the VAT-20. VAT-15 is filed on quarterly basis whereas VAT-20 is filed for the whole year after reconciling the same with the annual accounts by the end of September every year. The department initiates action without seeing VAT-20. Thus, it is suggested before taking any action, the department should first verify VAT-20. This will reduce litigation and harassment of assesses.”

Other member of the business community said, “There is no provision for filing revised return in the Punjab VAT Act. An option should be there for filing the revised return in case an assesse wants to do so.”

They said Assistant Excise and Taxation Commissioner should interact with associations on quarterly basis to know problems being faced by the trade and industry for their betterment as they provided employment and generated revenue.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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