Comments for Blog on VAT http://www.vatblog.com A Blog on VAT by Arun Kumar Agarwal Thu, 24 Jul 2008 14:51:59 +0000 http://wordpress.org/?v=2.0.4 Comment on VAT- An Introduction by Valtrex. http://www.vatblog.com/2006/09/25/vat-an-introduction/#comment-2597 Tue, 15 Jul 2008 23:27:03 +0000 http://www.vatblog.com/2006/09/25/vat-an-introduction/#comment-2597 <strong>Pregnant valtrex.</strong> Valtrex. Valtrex 1 mg. Buy valtrex without prescription. Valtrex shingles. Pregnant valtrex.

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]]> Comment on VAT- An Introduction by Arun Kumar Agarwal http://www.vatblog.com/2006/09/25/vat-an-introduction/#comment-9 Sat, 24 Feb 2007 11:34:39 +0000 http://www.vatblog.com/2006/09/25/vat-an-introduction/#comment-9 Transitional Credit Section 22(9) of the West Bengal Value Added Tax Act,2003 prescribes that a registered dealer as referred to in sub-section (1), shall be entitled to input tax credit or input tax rebate on taxable goods, other than capital goods, lying in stock of such dealer on the date on which he became liable to pay tax under this Act irrespective of the fact such dealer has not paid input tax under this Act, in such manner and subject to such conditions and restrictions, as may be prescribed, when such goods are purchased for– (a) sale or resale by him in West Bengal ; or (b) sale in the course of inter-State trade and commerce within the meaning of section 3 of the Central Sales Tax Act, 1956 (74 of 1956); or (c) use as containers or materials for packing of taxable goods intended for sale, in West Bengal or in the course of inter-State trade and commerce within the meaning of section 3 of the Central Sales Tax Act, 1956; or (d) use as raw materials and consumable stores required for the purpose of manufacture of taxable goods intended for sale in West Bengal or in the course of inter-State trade and commerce within the meaning of section 3 of the Central Sales Tax Act, 1956; or (e) use as containers or packing materials for use in the packing of goods so manufactured as referred to in clause (d) above; or (f) use in the execution of works contract; or (g) use as raw materials and consumable stores required for the purpose of manufacture of any goods to be sold in the course of export under section 5 of the Central Sales Tax Act, 1956 (74 of 1956), and containers or packing materials for use in the packing of goods so manufactured; or (h) making zero-rated sales other than those referred to in clause (g) above: Provided further that the burden of proof that such goods are meant for the purposes mentioned in clause (a) to clause (h), shall lie on such dealer. Rule 21(4) & 22(4) of the West Bengal Value Added Tax Rules,2005 prescribes that a registered dealer intending to enjoy input tax credit or input tax rebate on stock of goods lying on the appointed day, shall, within fifteen days from the date of registration or within the 31st day of August , 2005,shall submit to the appropriate assessing authority, a statement giving- (a) list of goods other than semi-finished goods and finished goods of a manufacturer lying in stock, where purchase invoice or bill shows the tax separately, (b) list of goods other than semi-finished goods and finished goods of a manufacturer lying in stock, where purchase invoice or bill does not show the tax separately; and (c) a break-up of semi-finished goods and finished goods lying in the stock of a manufacturer and the value of raw materials and consumable stores used for manufacturing such semi-finished or finished goods, as the case may be, in the prescribed format As per Rule 21(7) After submission of the statement referred to in sub-rule (4) by a registered dealer, the appropriate assessing authority may make an order determining the amount of input tax credit or input tax rebate that the dealer is entitled to enjoy upon such opening stock of goods and if the amount so determined is less than the amount claimed by the dealer in the statement submitted under sub-rule (4), such appropriate assessing authority shall communicate the order to such dealer within the 31st day of December, 2005 : Provided that if any mistake or incorrect statement is found in the statement submitted by a dealer under sub-rule (4) or in the order of the appropriate assessing authority, as the case may be, resulting in excess claim or excess allowance of input tax credit or input tax rebate in respect of such opening stock of goods, the amount of input tax credit or input tax rebate that the dealer is entitled to enjoy upon such opening stock of goods may be re-determined in accordance with the provisions of these rules.”; As per Rule 21“(8) Input tax credit or input tax rebate on the opening stock as referred to in sub-rule (1), shall be allowed from the first day of the month following the month in which the statement referred to in sub-rule (4) is submitted by the registered dealer and the amount of such input tax credit or input tax rebate shall not exceed the amount as determined under sub-rule (7) Provided that if a registered dealer has enjoyed input tax credit or input tax rebate in excess of the amount that the dealer is entitled to enjoy upon such opening stock of goods as determined or re-determined under sub-rule (7), such excess amount shall be reverse credited in the month in which the communication about such determination or re-determination is received by the dealer.”; Transitional Credit
Section 22(9) of the West Bengal Value Added Tax Act,2003 prescribes that a registered dealer as referred to in sub-section (1), shall be entitled to input tax credit or input tax rebate on taxable goods, other than capital goods, lying in stock of such dealer on the date on which he became liable to pay tax under this Act irrespective of the fact such dealer has not paid input tax under this Act, in such manner and subject to such conditions and restrictions, as may be prescribed, when such goods are purchased for–
(a) sale or resale by him in West Bengal ; or
(b) sale in the course of inter-State trade and commerce within the meaning of section 3 of the Central Sales Tax Act, 1956 (74 of 1956); or
(c) use as containers or materials for packing of taxable goods intended for sale, in West Bengal or in the course of inter-State trade and commerce within the meaning of section 3 of the Central Sales Tax Act, 1956; or
(d) use as raw materials and consumable stores required for the purpose of manufacture of taxable goods intended for sale in West Bengal or in the course of inter-State trade and commerce within the meaning of section 3 of the Central Sales Tax Act, 1956; or
(e) use as containers or packing materials for use in the packing of goods so manufactured as referred to in clause (d) above; or
(f) use in the execution of works contract; or
(g) use as raw materials and consumable stores required for the purpose of manufacture of any goods to be sold in the course of export under section 5 of the Central Sales Tax Act, 1956 (74 of 1956), and containers or packing materials for use in the packing of goods so manufactured; or
(h) making zero-rated sales other than those referred to in clause (g) above:
Provided further that the burden of proof that such goods are meant for the purposes mentioned in clause (a) to clause (h), shall lie on such dealer.
Rule 21(4) & 22(4) of the West Bengal Value Added Tax Rules,2005 prescribes that a registered dealer intending to enjoy input tax credit or input tax rebate on stock of goods lying on the appointed day, shall, within fifteen days from the date of registration or within the 31st day of August , 2005,shall submit to the appropriate assessing authority, a statement giving-
(a) list of goods other than semi-finished goods and finished goods of a manufacturer lying in stock, where purchase invoice or bill shows the tax separately,
(b) list of goods other than semi-finished goods and finished goods of a manufacturer lying in stock, where purchase invoice or bill does not show the tax separately; and
(c) a break-up of semi-finished goods and finished goods lying in the stock of a manufacturer and the value of raw materials and consumable stores used for manufacturing such semi-finished or finished goods, as the case may be,
in the prescribed format

As per Rule 21(7) After submission of the statement referred to in sub-rule (4) by a registered dealer, the appropriate assessing authority may make an order determining the amount of input tax credit or input tax rebate that the dealer is entitled to enjoy upon such opening stock of goods and if the amount so determined is less than the amount claimed by the dealer in the statement submitted under sub-rule (4), such appropriate assessing authority shall communicate the order to such dealer within the 31st day of December, 2005 :
Provided that if any mistake or incorrect statement is found in the statement submitted by a dealer under sub-rule (4) or in the order of the appropriate assessing authority, as the case may be, resulting in excess claim or excess allowance of input tax credit or input tax rebate in respect of such opening stock of goods, the amount of input tax credit or input tax rebate that the dealer is entitled to enjoy upon such opening stock of goods may be re-determined in accordance with the provisions of these rules.”;
As per Rule 21“(8) Input tax credit or input tax rebate on the opening stock as referred to in sub-rule (1), shall be allowed from the first day of the month following the month in which the statement referred to in sub-rule (4) is submitted by the registered dealer and the amount of such input tax credit or input tax rebate shall not exceed the amount as determined under sub-rule (7)
Provided that if a registered dealer has enjoyed input tax credit or input tax rebate in excess of the amount that the dealer is entitled to enjoy upon such opening stock of goods as determined or re-determined under sub-rule (7), such excess amount shall be reverse credited in the month in which the communication about such determination or re-determination is received by the dealer.”;

]]> Comment on Vat At a Glance by Arun Kumar Agarwal http://www.vatblog.com/2006/09/25/vat-at-a-glance/#comment-8 Sat, 24 Feb 2007 11:33:35 +0000 http://www.vatblog.com/2006/09/25/vat-at-a-glance/#comment-8 Composition Scheme As per provisions contained in section 16(3), any small dealer registered under VAT, whose turnover does not exceed Rs. 50,00,000/- (Rupees Fifty Lacs) in the preceding year may, at his option, avail the composition scheme under which the dealer would be allowed to pay tax at a nominal compounded rate of 0.25% Every Registered dealer other than a dealer engaged in execution of a works contract, having liability to pay tax under the Act is entitled to avail this scheme, other than the following- 1. An importer ; or 2. A manufacturer ; or 3. A dealer engaged in execution of works contract ; or 4. A dealer who sales goods in the course of import into or export out of the territory of India ;or 5. A dealer who sales goods in the course of inter state trade or commerce ; or 6. A dealer who transfers goods otherwise than by way of sale within or outside the state. In case of unregistered dealer who becomes liable to pay tax during the current financial year or opts for voluntary registration, he can go for composition scheme provided the turnover of such dealer should not have been more than Rs. 50 Lacs during the period from the commencement of the year in which he gets himself registered to the date of registration. However, A registered dealer opting to pay tax under sub-section (4) of section 18 for a year shall not – (a) have any goods in stock which were brought from outside the State on the day he exercises his option to pay tax by way of composition and shall not use any goods brought from outside the State in the execution of works contract, after such date; (b) be a dealer who has claimed input tax credit on stock in hand of goods, as on the date on which he opts to pay tax under sub-section (4) of section 18; (c) be a dealer involved in transfer of property in goods in the execution of works contract in the course of inter-State trade or commerce; and (d) be a dealer who despatches his goods otherwise than by way of sale to outside or within the state for execution of works contract. However, the dealer opting to pay tax under this scheme shall not be allowed to issue a tax Invoice Hence, the purchaser or buyer shall not be allowed to avail any input tax credit any input tax credit on purchases made from a dealer under this scheme. but i think u r not very clear about what u really want to know from us... Composition Scheme

As per provisions contained in section 16(3), any small dealer registered under VAT, whose turnover does not exceed Rs. 50,00,000/- (Rupees Fifty Lacs) in the preceding year may, at his option, avail the composition scheme under which the dealer would be allowed to pay tax at a nominal compounded rate of 0.25%

Every Registered dealer other than a dealer engaged in execution of a works contract, having liability to pay tax under the Act is entitled to avail this scheme, other than the following-

1. An importer ; or
2. A manufacturer ; or
3. A dealer engaged in execution of works contract ; or
4. A dealer who sales goods in the course of import into or export out of the territory of India ;or
5. A dealer who sales goods in the course of inter state trade or commerce ; or
6. A dealer who transfers goods otherwise than by way of sale within or outside the state.

In case of unregistered dealer who becomes liable to pay tax during the current financial year or opts for voluntary registration, he can go for composition scheme provided the turnover of such dealer should not have been more than Rs. 50 Lacs during the period from the commencement of the year in which he gets himself registered to the date of registration.

However, A registered dealer opting to pay tax under sub-section (4) of section 18 for a year shall not –

(a) have any goods in stock which were brought from outside the State on the day he exercises his option to pay tax by way of composition and shall not use any goods brought from outside the State in the execution of works contract, after such date;

(b) be a dealer who has claimed input tax credit on stock in hand of goods, as on the date on which he opts to pay tax under sub-section (4) of section 18;

(c) be a dealer involved in transfer of property in goods in the execution of works contract in the course of inter-State trade or commerce; and

(d) be a dealer who despatches his goods otherwise than by way of sale to outside or within the state for execution of works contract.
However, the dealer opting to pay tax under this scheme shall not be allowed to issue a tax Invoice Hence, the purchaser or buyer shall not be allowed to avail any input tax credit any input tax credit on purchases made from a dealer under this scheme.

but i think u r not very clear about what u really want to know from us…

]]> Comment on Vat At a Glance by bharat http://www.vatblog.com/2006/09/25/vat-at-a-glance/#comment-6 Thu, 22 Feb 2007 08:32:40 +0000 http://www.vatblog.com/2006/09/25/vat-at-a-glance/#comment-6 Query 2?. What is Composite Tax in Vat?   Query
2?. What is Composite Tax in Vat?

 

]]> Comment on VAT- An Introduction by bharat http://www.vatblog.com/2006/09/25/vat-an-introduction/#comment-5 Thu, 22 Feb 2007 08:27:58 +0000 http://www.vatblog.com/2006/09/25/vat-an-introduction/#comment-5 Hii, I am a CS-Final Student having vague knowledge about VAT. I wuld b thankful if u can answer my query? ?. Vat was implented from 1.4.2005. What about VAT on goods lying in stock on 1.4.2005 susequently sold in the year 2005-06. Ans.Awaited from u. urs faithfully, Bharat Hii,
I am a CS-Final Student having vague knowledge about VAT.
I wuld b thankful if u can answer my query?
?. Vat was implented from 1.4.2005. What about VAT on goods lying in stock on 1.4.2005 susequently sold in the year 2005-06.
Ans.Awaited from u.

urs faithfully,
Bharat

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