The Deputy Chief Minister and Finance Minister of Maharashtra state, Ajit Pawar has presented additional budget as on 5th June 2014. Following are the highlights of the additional budget on tax front. Highlights on tax proposal MVAT Turnover limit for registration under MVAT is increased to 10 lakh from 5 lakh. The dealers whose turnover is less than 10 lakh in … Read more
Government owns huge intangible assets and scams predominantly happen in intangible assets. Recently CAG had been valuing intangible assets like spectrum at FAIR VALUE, which is precise base of IFRS. Should we expect further unearthing of scams? If so, in which intangible assets? Time has come to look at some reporting as a TOOL FOR … Read more
Legal Service has been defined in Notification No. 25/2012 dated 20th June 2012 as any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority. After reading this definition in detail, we can see that legal services include representational … Read more
Earlier, there was no definition for ‘export of service’ under Finance Act, 1994 or the related rules. It was then clarified that service tax is a destination based consumption tax and that it is not applicable on export of services. Then, Export of Services Rules, 2005 were issued for giving a clear idea on export of services. These rules went … Read more
Revenue is income arising in the ordinary course of an entity’s activities and it may be called by different names, such as sales, fees, interest, dividends or royalties. It is important to establish the point at which revenue may be recognized so that the correct treatment can be applied to the related costs. IAS 18 … Read more
BACKGROUND: In view the judgment of the Supreme Court in case of M/s. Larsen & Toubro Limited & Anr, (65 VST 1), it was necessary to frame rules under MVAT Act to provide for i) the levy of tax on goods which are used in works contract, from the stage when agreement is entered with … Read more
All the dealers were submitting purchase and sales details in the Annexure annually up to 31st March 2014. From April 2014 onwards dealers are required to submit the annexure along the return. Sales tax department has taken this step in order to ensure speedy cross verification of input tax credit and faster processing of refund. … Read more
Description The annual sales and purchases information is received by the Sales Tax Department from all the dealers. This information is received as a part of electronic audit reports (e704) and as a part of the last returns of relevant financial year. These annual annexures of sales and purchases are cross matched electronically and the … Read more
Every service provider may also a service receiver. Whenever he receives any service, he pays service tax on it to the service provider. Similarly, if he purchases raw materials or capital goods, he pays excise duty on the said goods.This system of taking credit on the tax paid and using the credit for the tax payable … Read more
Background: If a person or a dealer fails to file a return under the MVAT Act or CST ACT, within the prescribed time, then such a person or dealer is required to pay late fee of Rs. 5000, before uploading such a return. [Sec. 20(6)]. This late fee is applicable for all the late returns, … Read more