Anil
16 June 2008 at 15:12
1) Is VAT audit mandatory in Karnataka for private companies who get their books audited under Companies Act as well as income Tax Act?
2)When is the last date for filing of Form 240 under Karnataka VAT?
3)Once an establishment is registered under Karnataka VAT should it be renewal every year like it was being done earlier under the Karnataka sales Tax Act? If yes, please let me know the Form to be used, the last date for filing such form as well as the fees to be paid for renewal and the cheque in whoes favour renewal fees is to be paid
4) Can one submit monthly KARNATAKA VAT form 100 online?
Kindly answer the questions pointwise in the order they are asked
Thank you
ashish
16 June 2008 at 14:05
sir,
what are the provisions of b.c.t.t.,currently.i have heard it has been abolished.i want to know 4m ven it will be effective?
VASANTH D JAGANATH
15 June 2008 at 14:51
goods vehile used for transportation of goods [raw materials and finished goods] whether input tax credit can be claimed under kvat law
sl.no.1 of fifth schedule abgstruct the input tax credit on such use or not?
Sanjay Sharma
13 June 2008 at 11:27
We have filed the shipping bill in the Custom at the exchange rate applicable in the month of May-08, but now in the month of june-08 the exchange rate of customs has been changed.
My Question is -
1. Can we send the material on the shipping bill we had alredy filed with the customs. Is there any problem to sending the material in this way.
Pls explain ASAP. Its urgent
Regards
Sanjay sharma
Sanjay Sharma
13 June 2008 at 11:25
Central Sales Tax collected at the rate of 4 % but paid only 2 % and showing it (rest of the 2% ) in the books of accounts as "Other Receipts".
My Question is -
1. Is it a case of Additional consideration in terms of the Excise Valuation Rules ?
2. Is Excise duty payable on the amounts showing as "Other Receipts" in the books of accounts.
3. Can the DRI (Department of Revenue Intelligence) take the action for evasion of CST.
Pls explain/ clerify.
Regards
Sanjay Sharma
Sanjay Sharma
11 June 2008 at 11:48
I am in “ Spare Parts Division” of a Tractor Manufacturer in the same premises i.e Tractor Manufacturing plant. The Tractor is exempted for the levying of excise duty on final product. But in Spare Parts division, we procure the parts from the suppliers and sell them within the packing of our company ( with the brand name of our company) charging the Excise Duty on the basis of MRP under the latest amended notification on 14/2008-C.E.(N.T.) dated 01/03/08.
We clear all the Tractor Spare Parts with charging excise duty along with the Tractor “Accessories “ also with applying the same method ( Packing and Labeling of our company).
As per the above mentioned notification “ Parts, components and assemblies of automobiles of any heading are liable to charge the excise duty on the basis of MRP.
My Question is ---
1. Are, in your view, Tractor Accessories also falls within the criteria of Parts, components and assemblies of automobiles ?, as the “Accessories” are not specifically define in the said notification.
2. If the tractor accessories are not covered under the automobile parts, can we clear them without charging the excise duty or not ?.
Pls give me valuable opinion.
Regards
Sanjay Sharma
9811095996
Eswar
10 June 2008 at 21:25
What is retainable land under Andhra pradesh state law? Do we need to pay tax for selling retainable land in Andhra pradesh?
Eswar
10 June 2008 at 21:22
We had some ancestral property. We had an agreement with the society (name not mentioned) to sell at a nominal rate in 1970's. Govt said we cannot sell as we have excess land. GO was passed after 20 years to sell the land(retainable) and society approached us to register us the lands in their names. They promised to give nominal amount slightly higher than what was agreed upon in 1970's. we agreed on moral grounds. Now the govt is asking us to pay the taxes on the govt rate.
Govt rate was around Rs. 6000 per sq yd and we sold it for Rs.65. Now govt is asking us to pay the tax amt of Rs 1 crore 20 lakhs as there was an amendment in the law done sometime in 2004 or 2005 where the law says that we need to pay the tax even if we sell the land for a lower rate than the govt specified rate or give the land as a gift. This is Andhra Pradesh. Please advice on what needs to be done to come out of this situation.
satbir
10 June 2008 at 07:54
i have cleared ca final and wants to do taxation work in direct taxes and indirect taxes.can any body give me e-mail address of professionals to whome i can contact in this regard
thanks
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Invoicing under rule 11 of C.E. Rules,2002.
Can we transfer the 'Cenvatable inputs 'to the other part of the same unit. We are manufacturing Tractors and also operating the 'Spares Parts Division'in the same premises. Spares Parts division has been added in the Central Excise Registration Certificate after the 1st june-06.
Tractor is exempted in the excise but the tractor parts is not exempted. so we procure the parts and sell them with our labeling. some times we transfer the Parts to the plant for the tractor manufacturing as it is condition.
My Query is -
1. Can we transfer the inputs to plant on non-excisable invoice without charging the excise duty ?.
2. if we can transfer the inputs, can we debit the excise duty payable on the said inputs in the end of the month by the notional calculation i.e on inputs value 14.42%.?
3. Or should we transfer this inputs to the plant on excisable invoice under rule 11 of C.E. Rules, 2002. Is above
mentioned process violation of this rule.
Pls. clarify.
Regards
Sanjay Sharma