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Composition scheme for Retailers under section 42 of the Maharashtra Vallue Added Tax Act,2002- Trade Circular No. 17T of 2014

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Background Section 42 of the Maharashtra Value Added Tax Act, 2002 empowers the State Government to provide for Composition Schemes for different classes of dealers. Accordingly, a notification has been issued on 1st June 2005, which provides for Composition Schemes for restaurants, caterers, bakers, retailers and second hand motor vehicle dealers. Entry 3 of this … Read more

Providing e-payment facility for Profession Tax,Luxury Tax and Sugarcane Purchase Tax through GRAS – Trade Circular No. 16T of 2014

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The Government of Maharashtra has made available the facility of collection of Government receipts of various departments through GRAS (Government Receipt Accounting System) GRAS is a receipt portal and payment gateway under control of Directorate of Accounts and Treasuries, Mumbai having features as under:   i) The entire process from preparation of challan to submission … Read more

How to close defunct company in fast track exit mode?

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Meaning of defunct company There are many companies which are registered under company act 1956 but due to various reasons they are not operative since incorporation. Some companies become operative immediately after incorporation but become inoperative thereafter. The fast track exit mode scheme is applicable to the defunct company. Here “Defunct Company” means the company … Read more

MVAT Tax Collection at Source on Minor Minerals – Notification u/s 31A(2) of the MVAT Act

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FINANCE DEPARTMENT Madam CamaMarg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 21th August 2014 . NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT. 2002. No. VAT 1514/CR-68/Taxation-1.- -In exercise of the powers conferred by sub-sections (1) and (2) of section 31A of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government … Read more

Retailer Composition Scheme For Mvat Dealers – Notification u/s 42 of MVAT Act

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FINANCE DEPARTMENT Madam CamaMarg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 21th August 2014 . NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT. 2002. No. VAT 1514/CR-58/Taxation-1.- In exercise of the powers conferred by section 42 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends the … Read more

MVAT computerized desk audit (CDA) selection criteria and compliance procedure

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Joint commissioner of sales tax has issued a trade circular regarding the computerized desk audit for the period 2011-12.  The circulars itself explains the complete procedure of CDA including selection criteria and compliance. The text of the circular is given below. Background: The VAT system envisages voluntary tax compliance by the tax payers. In order … Read more

Summary of IAS 16 Property Plant and Equipments

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Scope of IAS 16 IAS 16 should be followed when accounting for property, plant and equipment unless another international accounting standard requires a different treatment. Property, plant and equipment are tangible assets that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and … Read more

Format of board resolution for the change in name of the company

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———————— PRIVATE LIMITED (CIN: —————————————-) Registered Office: – ——————————————————————————– Tel: —————– E-mail:———————– CERTIFIED TRUE COPY OF THE RESOLUTION PASSED BY THE BOARD OF DIRECTORS OF ———————— PRIVATE LIMITED HELD ON —–DAY THE ——- AT THE REGISTERED OFFICE OF THE COMPANY AT ——–   01. TO CONSIDER THE APPLICATION FOR CHANGE OF NAME Chairman informed board … Read more