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1. Computerized Desk Audit (CDA) is an utility developed by department to analyse the electronic information uploaded by dealers through various e-services. The analysis is resulting in identification of various issues in which additional taxes are found to be payable by dealers. A list of such dealers covered under CDA is made available on Mahavat … Read more
Description A late fee of rupees 5000 for delayed returns was introduced with effect from 1st August 2012, under the Maharashtra Value Added Tax Act, 2002 by virtue of sub-section (6) inserted in sections 20. 2 The State Government issued a notification under the proviso to section 20(6) on 1 st January 2014,providing for exemption … Read more
1) Documentary Letter Of Credit : In this type of letter of credit, it is obligatory to send documents of title to goods along with bill of exchange. If the bill of exchange is not accompanied by these documents the bank may not honor the bill of exchange. By document we mean export document which … Read more
A. No change in peak rate. It remains at rate of 10%. B. Change in duty rates with immediate effect (from 11-7-2014) of major items are as follows: Sr. No. Chapter heading Description of goods Rate of BCD Till 10-7-2014 From 11-7-2014 1 29011000 Ethane and other goods 5.00% 2.50% 2 29012100 Ethylene … Read more
There are changes in Custom Baggage Rule 1998 in Union budget 2014-2015. a. The limit on duty free import as baggage has been enhanced with effect from 11/07/2014 as follows: 1. Articles up to Rs.45, 000 other than personal effects can be imported by a passenger of and above 10 years provided such passenger has … Read more
Payment terms are very important aspects in the import export trade. In international trade there are different methods of making the payments. Let’s understand all methods one by one. 1. Advance Payment When exports receive the payment first and ship the goods subsequently, it is called as advance payment. It is good for exporter as … Read more
Meaning Letter of credit is the written instrument issued by the importer’s (buyer’s) bank to the exporters (seller). L/C is the guarantee given by buyer’s banks to remit the amount to the seller according to the terms and conditions based on the contractual agreement between buyer and seller. L/C is the most reliable and acceptable … Read more
The Central Board of Direct Taxes has revised the monetary limits of filing the appeals before appellate tribunal, high court and Supreme Court. Henceforth, appeals shall not be filed in cases where the “tax effect” does not exceed the monetary limits given hereunder… Sr. No. Appellate Authority Monetary Limit (Rs.) 1 Appellate Tribunal 4 Lakh … Read more
Amendments in Maharashtra Value Added Tax 2002 in additional budget 2014-2015 Maharashtra Tax Laws Act (Levy short title and amendment and validation) Act 2014 is published in the official gazettes as on 26th June 2014. The following are important amendments in Maharashtra Value Added Tax 2002 1. Every dealer is required to get register compulsory … Read more
FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 9th July 2014. NOTIFICATION THE MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT 1514/CR 44/ Taxation l.- “In exercise of the powers conferred by, proviso sub-sections (6) of section 20 of the Maharashtra Value Added Tax Act,2002 (Mah IX of 2005), … Read more