Sales Tax Systems In India : A F m flle MIZORAM
|
|
- Edwin Howard
- 6 years ago
- Views:
Transcription
1 Sales Tax Systems In India : A F m flle MIZORAM Mizoram has agriculture as the mainstay of the majority of its population. Handloom, handicrafts are its cottage industries. Rice milling, oil and flour milling, mechanised carpentry workshops, raw milling, brick making and furniture workshops are small scale industries. Ginger oil oleoresin extraction plant has recently been established. In this backdrop, to make an addition to its revenues it was considered expedient to impose a tax on the sale of goods. Hence, The Mizoram Sales Tax Act, 1989 was enacted w.e.f vide Mizoram Act No. 8 of 1989 and notification No. TXT 136/86/140 dated Sales of petroleum and petroleum products, however, are separately taxed under the Mizoram (Sales of Petroleum and Petroleum products, including Motor Spirit and Lubricants), Taxation Act 1973 (amended upto date). 1. Structure Every dealer whose gross turnover from sales, other than sales of notified goods involved in the execution of works contract, in Mizoram exceeded R s.20,000, the taxable quantum during the twelve months immediately preceding the effective date, are liable to pay tax on such other sales. Contractors (dealers) whose gross turnover from sales which have taken place in Mizoram by transfer, by separate agreement and for money consideration of goods involved in the execution of a works contract, whether as goods or in some other form, during the twelve months immediately 171
2 Sales Tax Systems In India: A P ro file preceding the date of commencement of the Act exceeded Rs.2 lakh are liable to pay tax on the contractual transfer price'. The contractual transfer price will mean the cost of the goods involved in the execution of works contract including the cost of delivery of the goods at the site of execution of the contract. Point of Levy: A majority of goods, numbering 97, as listed in notification No. TXT. 136/86/141 dated , have been subjected to tax at first stage of sale in Mizoram (Section 4(3)). Luxury items, consumer durables, come under this category. Rate Structure: As per Schedule II, declared goods are taxable at 2 per cent and the rate of tax in respect of many goods, garments made of non-synthetic yarn are taxable at the rate of 2 per cent; special goods, mentioned generally in Section 2(15), and 22 goods specifically mentioned in Schedule I are taxable at 5 per cent. Works Contract, Hire-purchase, Leasing: Although, the definition of 'sale' has been enlarged in Section 2(12) of the Act, to cover sale of goods involved in the execution of works contract, whether as goods or in some other form, and 'sale-price' has been defined in Section 2(13)(b) as the amount payable to dealer as valuable consideration for the carrying out of any contract less such fraction of such amount as represents the prescribed proportion of the cost of labour used in carrying out such contract, at the rate of 5 per cent. However, works contract has been defined as any agreement for carrying out for cash or deferred payment or other valuable consideration, whether as goods or in 172
3 Sales Tax Systeus In India : A P ro file some other form, (a) the preparation, construction, fitting out, improvement or repair of any moveable property, or of any building, road, bridge or other immoveable property. Leasing: In the case of transfer of the right to use any goods i.e. leasing, no specific extension of the definition of 'sale' has been provided but in the list of notified goods subject to first point levy under the Mizoram Sales Tax Act, 1989 in notification No. TXT 136/86/141 dated , at serial 93, leasing has been mentioned as 'goods'. The expression transfer of the right to use any goods including video cassette recorders, video cameras (whether or not for a specified period) for cash, deferred payment or other valuable consideration does find place 'The definition of sale-price' has not been specifically extended to cover the lease rentals. The taxable event and rate of t&x too in this context have not been spelt out but by implication it can be construed that 'sale' takes place inside the state. The rate of tax on this would be 5 per cent. E x e m p t i o n s : Schedule III to the Act, lists 60 items exempted from tax which include all cereals and pulses, bread, cotton, fertilizers, oil cakes, fish, ghee, flour, gur and molasses, anti-malaria drugs, mustard oil etc. and Mizoram State Khadi and Village Industries Board, goods exported to Bhutan/Sikkim (on the strength of certificate of the competent authority or land customs receipt), gifts to armed forces by manufacturers, purchases by U.N.I.C.E.F, gobar gas plants etc. 173
4 Sales Tax Systems la India: A P ro file 2. Registration C o m p u l s o r y : registered. Every liable dealer is required to get Voluntary: Voluntary registration to any dealer whose total gross turnover during a year amounts to or exceeds the taxable quantum may apply for registration even though ordinarily he may not be liable to tax. 3. Assessment R eturns: Ordinarily every registered dealer has to file returns in respect of goods taxed at source vide notification No. TXT 136/86/141 dated as under: i. For the four quarters of within 31st August, 1990, 30th November, 1990, 31st January, 1991, 30th April, 1991 respectively ii. For other subsequent quarterly returns within 30th April, 31st July, 31st October, 31st January respectively. Payment of Tax: Tax is to be paid by the registered dealer, prior to the furnishing of the return, into the Government Treasury and the treasury receipt is to be enclosed along with the return. Rebate of Tax: Rebate of 1 per cent of tax is given only on fulfilment of certain prescribed conditions. 174
5 Sales Tax System s In India : A P ro file Mode of Assessment: Ordinarily for a half-year period, or for a business closing during the half-year period, assessment is made by the assessing authority without calling for the evidence in support of the return, provided the return is correct and complete. If the assessing authority is not satisfied, the assessment is completed only after hearing the assessee. The best judgement assessment is resorted to, in case of non-furnishing of return, non-compliance of terras of the notice. The assessment has to be completed within four years from the end of the year under consideration for assessment. For fresh assessment, after cancellation of a best judgement assessment under certain conditions, or as a result of appellate order or revisional order, the period of limitation is four years from the date of the directive order. The best judgement assessment is made in case any liable dealer has failed to get himself registered, to file return as required in respect of any period or in case where taxable turnover has escaped assessment during any period or has been under assessed or assessed at a lower rate. The period of limitation in such cases of assessment is eight years of the end of period under consideration. 175
6 Sales Tax Systems in India: A P r o file 4. Penalty and Prosecution Penalty: If in the course of any proceedings, concealment of particulars of turnover or deliberate furnishing of inaccurate particulars of such turnover or evasion of tax liability is proved, penalty amounting to 1.5 times of the tax payable in addition to the tax is imposed against the defaulting dealer. Fine: For deliberate non-furnishing/late furnishing of return, non-compliance to assessment notice a fine of-rs.50 for each day of default will be imposed till the date of compliance. Prosecutions: For the following offences a penalty, on conviction, is imposed: i. Carrying on business without being registered as liable dealer or contravening provisions of the Act. ii. Unreasonable, delayed submission of return or submission of false return. iii. Falsely taking advantage of purchases of goods not mentioned in certificate of registration. iv. Unregistered dealer falsely taking advantage of purchases given to registered dealers. v. Failure to keep accounts or records of sales. vi. Failure to produce accounts, evidence, documents/furnish information. vii. Deliberate production of incorrect accounts, registers or documents/deliberate furnishing of in correct information. 176
7 Sales Tax Systems In India: A P rofile viii. Fraudulent/wilful evasion of payment of due tax, concealment of tax liability. ix. Failure to pay assessed tax/penalty within the time allowed. x. Prevention of, or obstruction to, inspection, entry of officers in discharge of duties, xi. Prevention of, or obstruction to, entry into, inspection, interception, detention or search of goods v ehicle by checkpost, barrier incharge. xii. Charging of sales tax on sales of goods exempted or of sales tax in excess of what is payable. The offenders in addition to tax or/and penalty due, are punishable with imprisonment upto 6 months or with fine upto Rs. 1,000 or with both and when the offence is a continuing one, with a daily fine upto Rs.50 during the period of continuance of the offence. For false statement in verification/declaration in connection with any proceeding, the offender is punishable with simple imprisonment upto 6 months or with fine upto Rs.1,000 or both. 5. Administrative Organisation The Secretary to the Government of Mizoram, Excise and Taxation Department has been appointed as the Commissioner of Taxes, Mizoram for carrying out the provisions of the Mizoram Sales Tax Act, 1989 with effect from vide notification No.TXT. 136/86/142 dated
8 Sales Tax Systems in India: A P ro file A team of Assistant Commissioners assist the Commissioner in the matter of registration, prevention of tax evasion, recovery of dues, refunds etc. There are Superintendents of Taxes at Aizwal, Circle I Aizwal, Circle II, Lunglei to look after compulsory registration, voluntary registration, returns, assessment, re-assessment after detection of tax evasion by dealers, escapement of turnover cases, penalties, recovery of dues, refunds, composition of offences, maintenance and preservation of accounts, insistence on production of accounts with powers to call for information, take evidences on oath etc. They are assisted by Inspectors of Taxes, who are not assessing authorities, in the matter of inspection of accounts, documents of dealers, entry, search and seizure etc. as also in the matter of taking evidence on oath etc. 6. Appeal/Revision (Remedial Measures) The first appellate authorities are the Assistant Commissioners (Appeals), who hear cases of objection against orders of assessment/penalty. The appeal is to be filed within 60 days of the service of the order objected to. The Commissioner has the powers of suo moto revision in cases where decisions of the lower authority are found to be prejudicial to the interests of the revenue. In other cases, not appealed against, he has revisional powers. The second appeal against the orders of Appellate Assistant Commissioners or against the suo moto revisional orders of 178
9 Sales Tax Systems in India: A P ro file the Commissioner lie before the Board of Revenue. Reference against the orders of the Board of Revenue only on questions of law lie before the High Court. There is a provision for rectification of mistakes apparent from the record and for the remaining difficulties as occasions may require, by issuing orders but not inconsistent with the purpose of the Act. 7. Checkposts A checkpost at vairengte has been set up with effect from with a view to prevent the evasion of tax payable under the Act. Every person transporting goods should, at any checkpost or barrier set up for the purpose of interception, detention and search of goods vehicle by the officer incharge of checkpost/barrier, file a correct and complete declaration of the goods in the prescribed form and manner before crossing the checkpost/barrier to enable the officer make proper checking of compliance to the relevant provision. 179
Sales Tax Systems in India: A P ro file UTTAR PRADESH I
Sales Tax Systems in India: A P ro file UTTAR PRADESH I Starting with the Madras pattern of multi-point sales tax levy at the rate of 3 paise per rupee, by enacting the Uttar Pradesh Sales Tax Act, 1948,
More information1. Structure. Tax is payable by lottery ticket sellers/importers/manufacturers/resellers/ general dealers in the following turnover limits:
S ales Tax System s In India: A P rofile G U JA R A T The State of Gujarat, which was reorganised on 1.5.1960 followed the pattern of the Bombay Sales Tax Act, 1959 till 5.5.1970. The levy of Sales Tax
More informationWEST BENGAL. A.The Bengal Finance (Sales Tax) Act, B.The West Bengal Sales Tax Act, C.The West Bengal Motor Spirit Sales Tax Act, 1974.
Sales Tax Systems in India: A P rofile WEST BENGAL Sales tax was introduced in the erstwhile State of Bengal in July 1941 by the enactment of the Bengal Finance (Sales Tax) Act, 1941.. At present, apart
More informationTAMILNADD A. TAMIL NADU GENERAL SALES TAX ACT, Structure. Point o f Levy: Initially, sales tax in Tamil Nadu was a
Sales Tax Systems In India: A P ro file TAMILNADD Tamil Nadu (the erstwhile State of Madras) was the first State in India which introduced Sales Tax in 1939. The 1939 Act was repealed and replaced by the
More informationHIMACHAL PRADESH. 1. Structure. Sales Tax Systems in India: A Profile. Point o f Levy: The system of sales taxation in Himachal
Sales Tax Systems in India: A Profile HIMACHAL PRADESH The Central Sales Tax Act came into force in Himachal Pradesh in 1956 but there was no State sales tax until 1958 when the Punjab General Sales Tax
More informationMEGHALAYA ACT NO. 5 OF 2005.
MEGHALAYA ACT NO. 5 OF 2005. As passed by the Meghalaya Legislative Assembly Received the assent of the Governor on the 30th April,2005. Published in the Meghalaya Extra Ordinary issue dt.30th April,2005.
More informationSales Tax Systems In India: A P rofile ANDHRA PRADESH
Sales Tax Systems In India: A P rofile ANDHRA PRADESH The State of Andhra Pradesh was formed in 1956 with the merger of certain areas of the erstwhile Madras State and the Telengana region of the erstwhile
More informationJAMMU & KASHMIR. 1. Structure
S ales Tax S vsiem s In India: A P rofile JAMMU & KASHMIR The levy of sales tax in the State of Jammu & Kashmir is governed by the provisions of the Central Sales Tax Act. 1956, and the Jammu & Kashmir
More informationRAJASTHAN. a. The Rajasthan Entertainment and Advertisement Tax Act b. The Rajasthan Electricity Duty Act.
RAJASTHAN The Rajasthan Sales Tax Act was enacted in 1954. Levy of sales tax in the State is through Rajasthan Sales Tax Act and Central Sales Tax Act. Other enactments administered are: a. The Rajasthan
More informationRAJASTHAN. Other enactments administered are: a. The Rajasthan Entertainment and Advertisement Tax Act b. The Rajasthan Electricity Duty Act.
Sales Tax System s In India * A P rofile RAJASTHAN The Rajasthan Sales Tax Act was enacted in 1954. Levy of sales tax in the State is through Rajasthan Sales Tax Act and Central Sales Tax Act. Other enactments
More informationANDHRA PRADESH. 1. Structure
ANDHRA PRADESH The State of Andhra Pradesh was formed in 1956 with the merger of certain areas of the erstwhile Madras State and the Telengana region of the erstwhile princely state o f Hyderabad. The
More informationGOVERNMENT OF JHARKHAND COMMERCIAL TAXES DEPARTMENT NOTICE OF HEARING UNDER JHARKHAND VAT ACT 05
GOVERNMENT OF JHARKHAND FORM JVAT 302 COMMERCIAL TAXES DEPARTMENT NOTICE OF HEARING UNDER JHARKHAND VAT ACT 05 [See Rule 3(xv), 8(13), 17(3), 17(5), 18(2), 19(10), 26(4), 27(2), 31(2), 33(8), 34(1), 40(2),
More informationChapter IV Assessments, Payment, Recovery and Collection of Tax 24. Submission of return
Chapter IV Assessments, Payment, Recovery and Collection of Tax 24. Submission of return (1) Every dealer liable to pay tax under this Act including a dealer from whom any amount of tax has been deducted
More informationBE it enacted by Parliament in the Fifty-sixth Year of the Republic of India as follows:-
~ THE CREDIT INFORMATION COMPANIES (REGULATION) ACT, 2005 # NO. 30 OF 2005 $ [23rd June 2005.] + An Act to provide for regulation of credit information companies and to facilitate efficient distribution
More informationShort title, extent and commencement. Definitions.
PART I GOVERNMENT OF PUNJAB DEPARTMENT OF LEGAL AND LEGISLATIVE AFFAIRS, PUNJAB NOTIFICATION The 19th April, 2018 No.12-Leg./2018.-The following Act of the Legislature of the State of Punjab received the
More informationService tax. (d) substitute the word "client" with the words "any person" in the specified taxable services;
Page 1 of 8 Service tax Clause 85 seeks to amend Chapter V of the Finance Act ' 1994 relating to service tax in the following manner, namely:-(/) sub-clause (A) seeks to amend section 65 of the said Act,
More informationUNION TERRITORY GOODS AND SERVICES TAX ACT, 2017
UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017 [14 OF 2017]* An Act to make a provision for levy and collection of tax on intra-state supply of goods or services or both by the Union territories and
More informationTHE GUJARAT VALUE ADDED TAX (AMENDMENT) BILL, GUJARAT BILL NO. 7 OF A BILL. further to amend the Gujarat Value Added Tax Act, 2003.
THE GUJARAT VALUE ADDED TAX (AMENDMENT) BILL, 2006. GUJARAT BILL NO. 7 OF 2006. A BILL further to amend the Gujarat Value Added Tax Act, 2003. It is hereby enacted in the Fifty-seventh Year of the Republic
More informationANDHRA PRADESH TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS ACT, 1987
ANDHRA PRADESH TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS ACT, 1987 1. Short title, extent and commencement (1) This Act may be called the Andhra Pradesh Tax on Professions, Trades, Callings
More informationSERVICE TAX. 2.1 It has been proposed in the Finance Bill to extend the levy of service tax to following new services,-
Page 1 of 6 SERVICE TAX 1. Rate of service tax is proposed to be raised from 5% to 8%. In case of existing taxable services, this increased rate will be effective from the date of enactment of the Finance
More informationThe Education Tax Act
The Education Tax Act being Chapter 55 of The Revised Statutes of Saskatchewan, 1940 (effective February 1, 1941). NOTE: This consolidation is not official. Amendments have been incorporated for convenience
More informationThe Rajasthan Tax on Entry of Goods into Local Areas Rules, 1999
The Rajasthan Tax on Entry of Goods into Local Areas Rules, 1999 CHAPTER I PRELIMINARY 1. Title and commencement. (1) These rules may be called as Rajasthan Tax on Entry of Goods into Local Areas Rules,
More informationTHE KARNATAKA TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENT ACT, 1976
173 THE KARNATAKA TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENT ACT, 1976 Statements of Objects and Reasons ARRANGEMENT OF SECTIONS Sections: 1. Short title, extent and commencement. 2. Definitions.
More informationInspection, Search, Seizure and Arrest
Chapter XIV Inspection, Search, Seizure and Arrest Statutory Provision 67. Power of inspection, search and seizure (1) Where the proper officer, not below the rank of Joint Commissioner, has reasons to
More information[1997.] Taxes Consolidation Act, [No. 39.]
[1997.] Taxes Consolidation Act, 1997. [No. 39.] until the contrary is proved to have been signed by such inspector. CHAPTER 3 Capital gains tax penalties 1077. (1) Without prejudice to the generality
More informationARTICLE. Service Tax (Finance) Act, 1994 By. On Finance Bill (Budget) Proposals 2013 CA. SATISH AGARWAL
ARTICLE On Finance Bill (Budget) Proposals 01 Service Tax (Finance) Act, 1994 By CA. SATISH AGARWAL Mobile : +919811081957 Phone : +91115769111 Office : 9/14, Ist Flo East Patel Nagar, (Near Jaypee Sidharthe
More informationTHE CHAMBER OF TAX CONSULTANTS
INDIRECT TAX STUDY CIRCLE MEETING TUESDAY, 13 TH OCTOBER, 2015 Service tax Investigation, Audit and Scrutiny CA Srikant S. Shenoy Under Chapter V of the Finance Act, 1994 ( Act ) and the rules made there-under
More informationASSESSMENT, OFFENCES & PENALTIES UNDER GST. CA SAURABH PUNYANI B.COM, L.L.B., FCA, DISA, CCA M NO ,
ASSESSMENT, OFFENCES & PENALTIES UNDER GST CA SAURABH PUNYANI B.COM, L.L.B., FCA, DISA, CCA M NO. 9423680948, E-MAIL : casaurabhpunyani@gmail.com SELF ASSESSMENT YAAR..SAB KAAM MUJHE HI KARNA PADTA HAI.!!!
More informationNew Reward Policy Approved vide Govt. Letter No. 19/118/2010-ET2(6)13762 Dated REWARD SCHEME
New Reward Policy Approved vide Govt. Letter No. 19/118/2010-ET2(6)13762 Dated 21.09.2010 INTRODUCTION REWARD SCHEME The Department of Excise & Taxation, in order to check tax evasion, has been conducting
More informationENTRY TAX ACT
Section Content Page No. Short title and commencement 2 2 Definitions 2 3 Incidence of taxation 4 4 Rate at which entry tax to be charged 7 5 Principles governing levy of entry tax on 32 [dealer or person]
More informationIMPORTANT DATES DIRECT TAXES. TDS / TCS returns are to be filed Quarterly.
IMPORTANT DATES DIRECT TAXES TDS / TCS returns are to be filed Quarterly. QUARTER ENDING DUE DATE 30 TH JUNE 15 TH JULY 30 TH SEPTEMBER 15 TH OCTOBER 31 ST DECEMBER 15 TH JANUARY 31 ST MARCH 15 TH MAY
More informationTHE MIZORAM PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS TAXATION RULES 1996.
THE MIZORAM PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS TAXATION RULES 1996. TAXATION DEPARTMENT GOVERNMENT OF MIZORAM 1996 NOTIFICATION Aizawl, the 17th April, 1996 No. G. 27022/3/94-TAX/Pt. I: In exercise
More informationDIRECT TAX DISPUTE RESOLUTION SCHEME, Nanubhai Desai & Co.
DIRECT TAX DISPUTE RESOLUTION SCHEME, 2016 Nanubhai Desai & Co. Contents ELIGIBILITY FOR DECLARATION... 3 PERIOD OF DECLARATION... 4 DECLARATION OF TAX PAYABLE... 5 DECLARATION AND CONDITIONS OF DECLARATION...
More informationAssessment. Chapter XII
Chapter XII Assessment 59. Self-assessment 60. Provisional assessment 61. Scrutiny of returns 62. Assessment of non-filers of returns 63. Assessment of unregistered persons 64. Summary assessment in certain
More informationBharat Raichandani Advocate
Bharat Raichandani Advocate Section 14 of CEA, 1944 - Power to summon persons to give evidence and produce documents in inquiries under this Act Section 73 of FA, 1994 - Recovery of service tax not levied
More informationAdvanced Tax Laws and Practice 376
RollNo... Advanced Tax Laws and Practice 376 : 1 : Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 8 NOTE : All references to sections mentioned
More informationINDUSTRIAL DEVELOPMENT (INCOME TAX RELIEF) ACT
INDUSTRIAL DEVELOPMENT (INCOME TAX RELIEF) ACT ARRANGEMENT OF SECTIONS Pioneer conditions 1. Publication of list of pioneer industries and products and issuing of pioneer certificates. 2. Mode of application
More informationFailure to furnish returns, comply with notices, concealment of income, etc.
Failure to furnish returns, comply with notices, concealment of income, etc. 271. (1) If the Assessing Officer or the Commissioner (Appeals) or the [Principal Commissioner or] Commissioner in the course
More informationEXPLANATORY NOTES - SERVICE TAX. The following changes are being proposed in the Finance Bill, [refer clause 125 of the Finance Bill, 2007]
EXPLANATORY NOTES - SERVICE TAX The following changes are being proposed in the Finance Bill, 2007. [refer clause 125 of the Finance Bill, 2007] (I) Secondary and Higher Education Cess: A cess @ 1% is
More informationOffences and Penalty provisions under GST
Offences and Penalty provisions under GST DISCLAIMER: The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views
More informationInspection, Search, Seizure and Arrest
Chapter XIV Inspection, Search, Seizure and Arrest 67. Power of inspection, search and seizure 68. Inspection of goods in movement 69. Power to arrest 70. Power to summon persons to give evidence and produce
More information25 Penalties Introduction Penalties
25 Penalties 25.1 Introduction The Income-tax Act, 1961 provides for the imposition of a penalty on an assessee who wilfully commits any offence under the provisions of the Act. Penalty is levied over
More informationPENALTIES PROPOSED UNDER GST
PENALTIES PROPOSED UNDER GST Model Law GST Series SEP 16 GSTPANACEA.COM CONSULTANCY PRIVATE LIMITED New Delhi Penalties Proposed under GST Regime Meaning of Penalty... 2 CLASSIFICATION OF PENALTIES...
More informationKHANDHAR MEHTA AND SHAH
Notifications issued by CBEC for CGST Act 1 7/2017 Central Tax Rule 1,10,13,19,21,22,24 and 26 of Registration and Composition scheme 2 8/2017 Central Tax Section 10 & 25 of CGST Act, 2017 (Composition
More informationThe Rajasthan Tax on Entry of Goods into Local Areas Act, 1999
The Rajasthan Tax on Entry of Goods into Local Areas Act, 1999 Act 13 of 1999 Keyword(s): Business, Dealer, Goods Vehicle, Import, Lease, Local Area, Occasional Dealer, Place of Business, Tax Board, Taxable
More informationSection - 271, Income-tax Act,
1 of 7 29-Feb-16 2:37 PM Section - 271, Income-tax Act, 1961-2015 35 [Failure to furnish returns, comply with notices, concealment of income, etc. 36 271. 36a (1) If the 37 [Assessing] Officer or the 38
More informationSIGNIFICANT NOTIFICATIONS / CIRCULARS ISSUED DURING THE PERIOD 16 TH JUNE, 2012 TO 15 TH JULY, 2012
SIGNIFICANT NOTIFICATIONS / CIRCULARS ISSUED DURING THE PERIOD 16 TH JUNE, 2012 TO 15 TH JULY, 2012 A. SERVICE TAX 1. Pursuant to the negative list becoming effective from July 1, 2012, various consequential
More informationLevy and Collection of Tax
FAQ Levy and collection of Tax (Section 5) Q 1. What type of tax is levied on inter-state supply? Chapter I Levy and Collection of Tax Ans. In terms of Section 5 of the IGST Act, 2017, inter-state supplies
More informationKDF3A INDIRECT TAXATION UNIT I -V
KDF3A INDIRECT TAXATION UNIT I -V Unit I : Syllabus Taxation Objectives of Taxation Canon of taxation Classification of Tax Difference between Direct & Indirect Tax. KDF3A-INDIRECT TAXATION 2 OVER VIEW
More informationTHE COAL MINES PROVIDENT FUND AND MISCELLANEOUS PROVISIONS ACT, 1948 ACT NO. 46 OF 1948 [3rd September, 1948.] An Act to make provision for the
THE COAL MINES PROVIDENT FUND AND MISCELLANEOUS PROVISIONS ACT, 1948 ACT NO. 46 OF 1948 [3rd September, 1948.] An Act to make provision for the framing of a Provident Fund Scheme 1*[, a Family Pension
More informationCHAPTER VII CHECK-POST. 49. Establishment of check-posts and barriers
CHAPTER VII CHECK-POST 49. Establishment of check-posts and barriers The State Government, if it is of opinion that it is necessary so to do with a view to preventing evasion of tax or other dues payable
More informationCHATTISGARH COMMERCIAL TAX RULES
Rules Content Page No. 1 Short title and commencement 5 2 Definitions 5 3 Appointment 5 4 Constitution of Tribunal and its functions 6 5 Application and procedure for grant of licence 7 6 Cancellation
More informationTHE MIZORAM PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS TAXATION RULES, 1996 N O T I F I C A T I O N
THE MIZORAM PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS TAXATION RULES, 1996 N O T I F I C A T I O N Aizawl the 17 th April 1996 No G.27022/3/94-TAX/Pt. I: In exercise of the power conferred by section
More informationThe Black Money (Undisclosed Foreign Income and Assets) and Imposition Tax Act, 2015
Introductory presentation on The Black Money (Undisclosed Foreign Income and Assets) and Imposition Tax Act, 2015 By CA. Abhishek Nagori abhishek.nagori@jlnus.com +91-94260-75397 Backdrop to the Act Long-standing
More informationRefunds. Chapter IX. FAQ s. Refund of tax (Section 54)
FAQ s Refund of tax (Section 54) Chapter IX Refunds Q1. Is the word refund defined in the CGST Act? Ans. Yes, the word refund is defined in explanation to Section 54 of the CGST Act, 2017. As per the said
More informationTHE CENTRAL SALES TAX (RAJASTHAN) RULES,
THE CENTRAL SALES TAX (RAJASTHAN) RULES, 1957 In exercise of the powers conferred by sub-section (3) and (4) of section 13 of the Central Sales Tax Act, 1956 (Central Act 74 of 1956) the State Government
More informationAMENDMENTS IN INDIRECT TAXES FOR MAY 2012 IDT. Prepared & Compiled by : Adarsh Agrawal
AMENDMENTS IN INDIRECT TAXES FOR MAY 2012 IDT Prepared & Compiled by : Adarsh Agrawal (Founder of ) Special Thanks to Rashi Agrawal for great contribution in preparing this module. 7-Square, RKC East Gate,
More informationVALUE ADDED TAX ACT. Act No. 546 of 1998
VALUE ADDED TAX ACT Act No. 546 of 1998 Section 1-Imposition of Tax. (1) A tax to be known as value added tax is hereby imposed and shall in accordance with this Act be charged on (a) every supply of goods
More informationCentral Goods and Services Tax (CGST) Rules, 2017
Central Goods and Services (CGST) Rules, 2017 Notified vide Notification No. 3 /2017-Central (Dated 19 th June 2017) and further as amended by Notification No. 7/2017-Central (Dated 27 th June 2017), Notification
More informationRecent Amendment in MVAT & CST Laws
Recent Amendment in MVAT & CST Laws Presented by CA Harsh Bajaj On Sunday 17 th June, 2012 For J. B. Nagar CPE Study Circle of WIRC. 1 Maharashtra Value Added Tax (Third Amendment) Rules, 2012 (Notification
More informationLAWS OF GUYANA CAPITAL GAINS TAX ACT CHAPTER 81:20
Capital Gains Tax 1 CAPITAL GAINS TAX ACT CHAPTER 81:20 Act 13 of 1966A Amended by 4 of 1966B 22 of 1967 33 of 1970 11 of 1983 5 of 1987 6 of 1989 6 of 1991 8 of 1992 Current Authorised Pages Pages Authorised
More informationTHE UNION TERRITORY GOODS AND SERVICES TAX BILL, 2017 ARRANGEMENT OF CLAUSES CHAPTER I CHAPTER III LEVY AND COLLECTION OF TAX
As INTRODUCED IN LOK SABHA Bill No. 59 of 17 THE UNION TERRITORY GOODS AND SERVICES TAX BILL, 17 ARRANGEMENT OF CLAUSES CLAUSES CHAPTER I PRELIMINARY 1. Short title, extent and commencement. 2. Definitions.
More informationThe. Extraordinary Published by Authority. PART III Acts of the West Bengal Legislature. GOVERNMENT OF WEST BENGAL. LAW DEPARTMENT Legislative
Registered No. WB/SC-247 No. WB(Part-III)/2013/SAR-8 The Kolkata Gazette Extraordinary Published by Authority CAITRA 5] TUESDAY, MARCH 26, 2013 [SAKA 1935 PART III Acts of the West Bengal Legislature.
More informationChapter VIII Accounts and Records
Chapter VIII Accounts and Records Statutory Provisions 35. Accounts and other records (1) Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate
More informationN O T I F I C A T I O N
N O T I F I C A T I O N Dated Aizawl, the 1 st April, 2005. No. J. 19020/1/2000-TAX-pt. : In exercise of the powers conferred by Section 81 of the Mizoram Value Added Tax Act, 2005 (Act No.1 of 2005),
More informationThe Tobacco Tax Act, 1998
1 c T-15.001 The Tobacco Tax Act, 1998 being Chapter T-15.001* of the Statutes of Saskatchewan, 1998 (effective January 1, 1999, except subsection 34(4) effective November 15, 1998) as amended by the Statutes
More informationAmendments brought in by Finance Act, 2016
Amendments brought in by Finance Act, AMENDMENTS MADE IN INDIRECT TAX LAW Amendments relating to Customs 1. In the Customs Act, 1962 (hereinafter referred to as the Customs Act), in section 2, (i) for
More informationTHE TAMIL NADU TAX ON ENTRY OF MOTOR VEHICLES INTO LOCAL AREAS RULES, 1990 (G.O. P. No. 95, dated the 20 th February, 1990)
THE TAMIL NADU TAX ON ENTRY OF MOTOR VEHICLES INTO LOCAL AREAS RULES, 1990 (G.O. P. No. 95, dated the 20 th February, 1990) No. S.R.O. A 21 (B) / 90 - In exercise of the powers conferred by sub-section
More informationForeign Contribution (Regulation) Act, 2010 and Rules, By CA R.Durai Rengaswamy Partner Sambandam Associates Chennai
Foreign Contribution (Regulation) Act, 2010 and Rules, 2011 By CA R.Durai Rengaswamy Partner Sambandam Associates Chennai 1 1. Formalities and Procedures 1.1. Introduction The Foreign Contribution( Regulation)
More informationGOODS & SERVICES TAX UPDATE 3
GOODS & SERVICES TAX UPDATE 3 CENTRAL GOODS & SERVICES TAX (CGST) Some sections of CGST Act, 2017 to come into effect from 01.07.2017 Central Government vide Notification No. 09/2017-Central Tax, dt. 28-06-2017
More informationThe Provincial Employees Social Security (Contributions) Regulations, 1967
The Provincial Employees Social Security (Contributions) Regulations, 1967 CONTENTS No. Lab-III-II/16/SS/66, dated 1 st March, 1968 1. Title and application 2. Definitions 3. Manner of calculating daily
More informationHOTEL AND RESTAURANT TAX ACT Act 11 of June 1986 HOTEL AND RESTAURANT TAX ACT. Revised Laws of Mauritius
Revised Laws of Mauritius HOTEL AND RESTAURANT TAX ACT Act 11 of 1986 1 June 1986 ARRANGEMENT OF SECTIONS SECTION 1. Short title 2. Interpretation 3. Liability to tax 4. 5. Serially numbered bill 6. Record
More informationVOLUNTARY DISCLOSURE SCHEME [CA P N SHAH]
VOLUNTARY DISCLOSURE SCHEME [CA P N SHAH] 1 BACK GROUND In his Budget Speech on 29 th February, 2016, the Finance Minister has listed 9 objectives for his tax proposals. One of the objectives relates to
More informationTime allowed : 3 hours Maximum marks : 100. Total number of questions : 8 Total number of printed pages : 6
: 1 : Roll No... Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 6 NOTE : All references to sections mentioned in Part-A of the Question Paper relate
More informationINDIRECT TAX LAWS & PRACTICE. Paper-18. Syllabus Set-1. Answer of Postal test Paper. Set-1.
Paper-18 Syllabus-2016 Set-1 Answer of Postal test Paper Set-1 www.globalcma.in info@globalcma.in SECTION-A Q.1 B. i. 50% ii. CBEC iii. Receiver iv. Third Party Export v. 4% i. Form H ii. Gross Product
More informationThe Microfinance Business Law (The Pyidaungsu Hluttaw Law No. 13 /2011 ) The 5th Waxing Day of Nadaw 1373 M.E. ( 30th November, 2011 ) The Pyidaungsu
The Microfinance Business Law (The Pyidaungsu Hluttaw Law No. 13 /2011 ) The 5th Waxing Day of Nadaw 1373 M.E. ( 30th November, 2011 ) The Pyidaungsu Hluttaw hereby enacts the following law: Chapter I
More informationGOVERNMENT OF PAKISTAN CENTRAL BOARD OF REVENUE. C.No.1-167(I) ITP/97 Islamabad, the 15th July, 1997 CIRCULAR NO. 6 OF 1997 (INCOME TAX)
GOVERNMENT OF PAKISTAN CENTRAL BOARD OF REVENUE C.No.1-167(I) ITP/97 Islamabad, the 15th July, 1997 CIRCULAR NO. 6 OF 1997 (INCOME TAX) SUBJECT: FINANCE SUPPLEMENTARY (AMENDMENT) ACT, 1997 AND FINANCE
More informationTHE KARNATAKA ELECTRICITY (TAXATION ON CONSUMPTION 2 [OR SALE] 2 ) ACT, 1959.
[1959: KAR. ACT 14 Electricity (Taxation on Consumption) 151 THE KARNATAKA ELECTRICITY (TAXATION ON CONSUMPTION 2 [OR SALE] 2 ) ACT, 1959. ARRANGEMENT OF SECTIONS. STATEMENT OF OBJECTS AND REASONS Sections
More informationTime allowed : 3 hours Maximum marks : 100. Total number of questions : 8 Total number of printed pages : 6
: 1 : 223 RollNo... Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 6 NOTE : All references to sections mentioned in Part-A of the Question Paper
More informationTHE EMPLOYEES' OLD-AGE BENEFITS ACT 1976 ACT No. XIV OF 1976
THE EMPLOYEES' OLD-AGE BENEFITS ACT 1976 ACT No. XIV OF 1976 [15th April, 1976] to repeal and re-enact the law relating to old-age benefits for the persons employed in industrial, commercial and other
More informationPARLIAMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA
PARLIAMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA BUDGETARY RELIEF ALLOWANCE OF WORKERS ACT, No. 4 OF 2016 [Certified on 23rd March, 2016] Printed on the Order of Government Published as a Supplement
More information7 VAT Procedures. 1. Registration. Learning objectives
7 VAT Procedures Learning objectives After reading this chapter you will be able to understand: the provisions relating to registration under VAT laws. what is tax payer identification number (TIN). the
More informationValue Added Tax Act, 1998 Act 546 ARRANGEMENT OF SECTIONS PART I IMPOSITION OF VALUE ADDED TAX
Value Added Tax Act, 1998 Act 546 ARRANGEMENT OF SECTIONS Section PART I IMPOSITION OF VALUE ADDED TAX 1. Imposition of tax 2. Persons liable to pay the tax 3. Rate of the tax PART II TAXABLE PERSON 4.
More informationMVAT & CST 2011 Budget Highlights
MVAT & CST 2011 Budget Highlights Parind Mehta 21 May 2011 Central Sales Tax Goods of special importance Section 15 Limit for rate of Sales tax on declared goods increased from 4 percent to 5 percent 2
More informationUNEMPLOYMENT INSURANCE CONTRIBUTIONS ACT NO 4 OF 2002
UNEMPLOYMENT INSURANCE CONTRIBUTIONS ACT NO 4 OF 2002 [ASSENTED TO 27 MARCH 2002 ] [ENGLISH TEXT SIGNED BY PRESIDENT.] AS AMENDED BY TAXATION LAWS AMENDMENT ACT, NO. 30 OF 2002 REVENUE LAWS AMENDMENT ACT,
More informationVAT Procedures. 5.1 Registration
5 VAT Procedures 5.1 Registration Registration is the process of obtaining certificate of registration (RC) from the authorities. A dealer registered under the VAT Acts is called a registered dealer. Any
More informationFINAL MAY 2018 INDIRECT TAX LAWS
FINAL MAY 2018 INDIRECT TAX LAWS Test Code F73 Branch (MULTIPLE) (Date : 25.02.2018) (50 Marks) Note: All questions are compulsory. Question 1 (5 Marks) This supply would be regarded as mixed supply, since
More informationFINANCE BILL 2017-DIRECT TAX PROPOSALS AT GLANCE
FINANCE BILL 2017-DIRECT TAX PROPOSALS AT GLANCE COMPILED BY: CA.ARUN GUPTA ca.arungupta77@gmail.com A. Rates of Taxes: 1. It is proposed to make the following changes in tax rates: In case of Resident
More informationRegistration. Chapter IV. FAQ s. Registration (Section 22 to 30)
Chapter IV Registration FAQ s Registration (Section 22 to 30) Section 22 to 30 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST Act, 2017 and UTGST vide Section 21 of the UTGST
More informationGOVERNMENT OF WEST BENGAL DIRECTORATE OF COMMERCIAL TAXES, 14, BELIAGHATA ROAD, KOLKATA TRADE CIRCULAR. No. 02/2008 Date:
GOVERNMENT OF WEST BENGAL DIRECTORATE OF COMMERCIAL TAXES, 14, BELIAGHATA ROAD, KOLKATA-700 015. TRADE CIRCULAR No. 02/2008 Date: 01.09.2008 The West Bengal Taxation Laws (Amendment) Act, 2008 has brought
More informationTHE KINGDOM OF LESOTHO SALES TAX ACT NO.14 OF 1995 ARRANGEMENTS OF SECTIONS
THE KINGDOM OF LESOTHO SALES TAX ACT NO.14 OF 1995 ARRANGEMENTS OF SECTIONS Section CHAPTER I PRELIMINARY 1. Short Title 2. Commencement 3. Interpretation 4. Fair Market Value. CHAPTER II SALES TAX 5.
More informationCompounding of Contraventions under FEMA
Compounding of Contraventions under FEMA The Institute of Chartered Accountants of India - Western India Regional Council 5 th August 2017 Naresh Ajwani Chartered Accountant FEMA complex law FEMA is a
More informationFinance Act, 2014 Explanation regarding Important amendments made in the Income Tax Ordinance, Amendments in Mutual Funds Taxation Regime.
INCOME TAX Finance Act, 2014 Explanation regarding Important amendments made in the Income Tax Ordinance, 2001. Clause (61A) of sec 2, clause (99) of Part I of2nd Schedule, DIV I of Part III of first Schedule.
More informationUPDATE ON AMENDMENTS TO CGST ACT, 2017
UPDATE ON AMENDMENTS TO CGST ACT, 2017 Dear Person, August 31, 2018 TEAM TRD An amendment to CGST Act, 2017 has been introduced on 29 th August, 2018 with the following objective by The Central Government:-
More informationBILL. to give effect to the financial proposals of the Federal Government for the year
Finance Bill 2009 A BILL to give effect to the financial proposals of the Federal Government for the year beginning on the first day of July, 2009, and to amend certain laws WHEREAS it is expedient to
More informationEUS EXECUTIVE UPDATING SERVICE Updating Acts, Ordinances, Statutory Rules & Orders (SROs.) etc.
EUS EXECUTIVE UPDATING SERVICE Updating Acts, Ordinances, Statutory Rules & Orders (SROs.) etc. EUS UPDATE ASSESSMENTS For EUS Clients Use Only SECTIONS 120-126 OF PART II (ASSESSMENTS) OF CHAPTER X (PROCEDURE)
More informationRecent Amendment in MVAT & CST Laws & Issues in MVAT Set off. Recent Amendment in the Central Sales Tax Act, 1956
Recent Amendment in MVAT & CST Laws & Issues in MVAT Set off Presented by CA Harsh Bajaj On Sunday 3 rd July, 2011 For J. B. Nagar CPE Study Circle of WIRC. Recent Amendment in the Central Sales Tax Act,
More informationRegistration. Chapter IV FAQS. Registration (Section 22 to 30)
Chapter IV Registration FAQS Registration (Section 22 to 30) Q1. If a person is operating in different states, with the same PAN number, can he operate with a single Registration? Ans. No. Every person
More informationDEDUCTION / PAYMENT OF TAX
Chapter 23 DEDUCTION / PAYMENT OF TAX Section Rule Topic covered (For CA Mod F & ICMAP students) Section 165A Rule 39A to 39F Topic covered Furnishing of information by banks 166 Priority of tax collected
More informationTHE KARNATAKA TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENT ACT, 1976
173 THE KARNATAKA TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENT ACT, 1976 Statements of Objects and Reasons ARRANGEMENT OF SECTIONS Sections: 1. Short title, extent and commencement. 2. Definitions.
More information