Submission of Annexures with/as a part of returns for the periods starting from 1 st April 2014 and onwards – Trade Circular No. 9T of 2014 of MVAT

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

Cenvat Credit related to Service Tax

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

Advantages and Disadvantages of adopting IFRS

International Financial Reporting Standards (IFRS) is the set of accounting standard. IFRS is developed and published by International accounting standard board (IASB). IFRS becomes the global standard for preparation of financial statements. More than 150 countries have adopted the IFRS as accounting standards and most of the countries are on the way of adopting. As … Read more

RBI extended the date to 1st January 2015 for exchanging the pre-2005 issued currency notes

                RBI has issued the press released as on 3rd March 2014 and extended the date of exchanging the currency note to 1st January 2015. It is also informed that majority of notes which was issued prior to 2005 are already been withdrawn through banks and only a limited number of notes remain with the … Read more

Maharashtra Government started single window online services for Investors for 31 different types of services

The Maharashtra government has started Maharashtra Industry, Trade & Investment facilitation cell (MAITRI).  The Investor facilitation service enable domestic as well as cross border investors to submit regulatory documents at one web portal.  This will improve faster clearance time and also improve the transparency.  On http://ifc.mahaebiz.com investor can apply online for different services of pre-commission … Read more

Negative List of Services under service tax as amended up to interim budget 2014

After the recent amendments in service tax laws, we have quite often come across the words “Negative List”. Simply put, a negative list of services means a list of services which will not be charged to service tax. This also means that, all other services, other than those mentioned in the negative list will be taxable. (For latest amendment of … Read more

Highlights of the Maharashtra State Interim Budget 2014

(Kindly refer the following link for highlights of Maharashtra State additional budget 2014-15. https://taxclick.org/type/mvat-cst/maharashtra-state-additional-budget-2014-2015—highlights-of-tax-proposals) The deputy chief minister (Finance), Ajit Pawar presented the Maharashtra State Interim budget speech, today, on 25Th February 2014. There is neither new tax proposal nor revision in existing tax laws. However, commodities of daily use such as food grains, pulses, … Read more

Personal penalty to directors and other officers of the company under section 78A of Service Tax

Section 78A of Finance Act 2013 prescribes for personal penalty on employees, Directors, managers or secretary of company. The penalty provided under section 78A is in addition to penalties prescribed for the company. As per section 78A :  “Where a company has committed any of the following contraventions, namely:—  (a) evasion of service tax, or  (b) issuance … Read more