VAT (value added tax) has replaced sales tax in India, including in Maharashtra, to establish a uniform, transparent taxation system. VAT is collected from producers and sellers on the incremental value added at each stage of production and distribution. In Maharashtra, VAT is governed by the MVAT Act and applies to the sale of goods at rates from 1-20% according to schedules. Key VAT concepts include the definition of goods, dealers, importers, and sales/purchase prices. Manufacturers and businesses with over 1 lakh annual sales or 10,000 rupees of taxable purchases/sales annually must register and file VAT returns electronically monthly, quarterly, or half-yearly.
This slide contains:
Incidence of Tax, its shift-ability, effect of residental status of assesse on taxability of income, effect on tax in different demand situations.
What is Agricultural Income ?
Section 2 (1A) of the Income tax Act,1961
Agricultural income means :
Revenue generated through rent or lease of a land in India that is used for agricultural purposes ;
Any income derived from commercial sale of produce gained from an agricultural land
Any income from farm building.
Key points to validly classify an income as “agricultural income”
Income should be from an existent piece of land in India ;
Income should be from a piece of land that is used for agricultural operations ;
Income should stem from produce achieved after cultivation of the land. Cultivation of land is a must ;
Income can be from a land that is not under the assessee’s ownership. i.e. ownership of Land is not essential.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall understand the background and rationale for the introduction of GST in India. We shall understand the overview of the law behind GST.
This slide contains:
Incidence of Tax, its shift-ability, effect of residental status of assesse on taxability of income, effect on tax in different demand situations.
What is Agricultural Income ?
Section 2 (1A) of the Income tax Act,1961
Agricultural income means :
Revenue generated through rent or lease of a land in India that is used for agricultural purposes ;
Any income derived from commercial sale of produce gained from an agricultural land
Any income from farm building.
Key points to validly classify an income as “agricultural income”
Income should be from an existent piece of land in India ;
Income should be from a piece of land that is used for agricultural operations ;
Income should stem from produce achieved after cultivation of the land. Cultivation of land is a must ;
Income can be from a land that is not under the assessee’s ownership. i.e. ownership of Land is not essential.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall understand the background and rationale for the introduction of GST in India. We shall understand the overview of the law behind GST.
HINDU SUCCCESSION Act 1956 deals with devolution of property by way of succession with respect to inheritance.
This act came into force 17 june 1956. it consist of four chapters ONE SCHEUDULE OF HEIRS CLASS I AND CLASS II
Salient features of HSA
It defines cognates, agnates, full blood, half blood, uterine blood,intestate, heir.
It provides how property is devolved by of succession from male after his death to heir.Meaning of coparcenary- traditional mitakshara concept is followed by hindu regards birth of son only subject to coparcenary rights wrt. JHF
Coparcenary can be rationalised in joint hindu family(ancestral property) rights coming from four degree or upto threee male lineal ascendants.eg great grand father to grand father to father to son
A-B-C-D-E HERE A IS GREAT GRAND FATHER
B is grand father C is father, D is Son E Is son's son
here on the death of A, B will replace similarly A and all will have coparcenary rights B acting as KARTA in JHF.
Services under the union and the states Art. 308 to 323 jyoti dharm
Regulation of recruitment and conditions of services of person serving the union and the states.
Tenure of the office of members of these services
Constitutional safeguards to the civil servants
Creation of All India services.
Establishment of the service commission
HINDU SUCCCESSION Act 1956 deals with devolution of property by way of succession with respect to inheritance.
This act came into force 17 june 1956. it consist of four chapters ONE SCHEUDULE OF HEIRS CLASS I AND CLASS II
Salient features of HSA
It defines cognates, agnates, full blood, half blood, uterine blood,intestate, heir.
It provides how property is devolved by of succession from male after his death to heir.Meaning of coparcenary- traditional mitakshara concept is followed by hindu regards birth of son only subject to coparcenary rights wrt. JHF
Coparcenary can be rationalised in joint hindu family(ancestral property) rights coming from four degree or upto threee male lineal ascendants.eg great grand father to grand father to father to son
A-B-C-D-E HERE A IS GREAT GRAND FATHER
B is grand father C is father, D is Son E Is son's son
here on the death of A, B will replace similarly A and all will have coparcenary rights B acting as KARTA in JHF.
Services under the union and the states Art. 308 to 323 jyoti dharm
Regulation of recruitment and conditions of services of person serving the union and the states.
Tenure of the office of members of these services
Constitutional safeguards to the civil servants
Creation of All India services.
Establishment of the service commission
AUDIT ASSIGNMENT- M.COM PART II – SEMESTER IV, AUDIT REPORT, CARO 2015, AUDIT REPORT OF JINDAL STEEL & POWER LIMITED, SA 230 AUDIT DOCUMENTATION (REVISED), SA 500: AUDIT EVIDENCE.
Direct & Indirect Taxes (MODVAT),(CENVAT),Competition Act 2002 & FEMA Acts ,Business Ethics,
Corporate Governance, Philosophy and strategy of planning in India.
What is VAT ?
What is covered under VAT ?
At what rate to charge for which Items ?
When to charge ?
When to pay ?
What happens to sales returns and Bad Debts ?
What records to keep and how long to keep ?
When, how and with what information to file returns ?
What are the penalties for non-compliance ?
For the first time, Tax on Goods & Services has been introduced in Gulf Countries and out of 6 GCC States, UAE & Kingdom of Soudi Arabia has already implemented VAT on supply of Goods or Services through out the Supply Chain w.e.f. 01st Jan, 2018. In this presentation, I have tried to explain the need & basis of Implementation of VAT in UAE, Taxable Transaction, Types of Supplies, Exports, VAT on Transactions between GCC states. Will bring more about UAE VAT in my next presentation. Please share your feedback in the comments section. Thanks
VAT driven local purchases
Cost driven CST purchases
Duty burden on imports
Complex State Laws
Ever changing tax landscape
Different decisions on the same issue
Border controls
We provide consultancy and render our services for availing incentives/benefits available against export & Import of Goods and Services.We are professional consultant on Foreign Trade Policy, providing result oriented services to our valued clients relating DGFT , Customs and Exicse.
What is VAT, how does it work and who pays it? When is VAT registration compulsory and what are the advantages and disadvantages of voluntary registration?
Basic Overview of Goods & Service Tax. this report covers various taxable events, exemption, Input Tax Credit, Place of supply, tax invoice, other voucher and penalty and offence. This is for common user for their first hand use.
2. Introduction
VAT is a system of indirect taxation, which has been
introduced in lieu of sales tax.
It is the tax paid by the producers, manufacturers, retailers
or any other dealer who add value to the goods and that is
ultimately passed on to the consumer.
VAT has been introduced in India to ensure a fair and
uniform system of taxation. It is an efficient, transparent,
revenue-neutral, globally acceptable and easy to
administer taxation system.
It benefits the common man (consumer), businessman
and the Government.
3. Earlier the State of Maharashtra had introduced VAT in respect
of very few specified items under the old Bombay Sales Tax Act.
The entire Bombay Sales Tax Act and certain related taxes got
replaced by the Maharashtra Value Added Tax Act (MVAT Act),
2002 with effect from 1st April 2005
VAT, a globally recognized sales tax system, has been
introduced in more than 130 countries
VAT in Maharashtra is levied under a legislation known as the
Maharashtra Value Added Tax Act (MVAT Act), 2002,
supported by Maharashtra Value Added Tax Rules (MVAT
Rules). VAT is levied on sale of goods including intangible
goods.
Rate of VAT applicable in the country is between 4 % to 12.5%
4. Payment, Due Date & Penalty
Payment
VAT needs to be paid on a Monthly, Quarterly or half
yearly basis
Due Date
Monthly/ Quarterly – 21 Days
Half Yearly – 30 Days
Penalty
Rs. 5000/-
5. Applicability of VAT
Goods Rate Items Covered
Schedule A Nil Tax free Goods
Schedule B 1% Gold, Silver, Precious Metal and Stone
Schedule C 4% Goods used for industrial Input
Schedule D 20% Foreign Liquor, Indian Liquor, Molasses, High Speed
Diesel Oil
Schedule E 12.5% Remaining
6. Few Concepts
Goods
“Goods” means every kind of moveable property
Does not include: Newspapers, actionable claims,
money, stocks, shares, securities or lottery tickets
Includes: Live stocks, growing crop, grass and trees
and plants including the produce thereof including
property in such goods attached to or forming part of
the land which are agreed to be severed before sale or
under the contract of sale;
7. Dealer
“ Dealer” refers to a person who buys or sells goods
within the state for a valuable consideration.
8. Importer
“Importer” means a dealer who brings any goods into
State or to whom any goods are dispatched from any
place outside State;
9. Purchase Price
“Purchase Price” means the amount of valuable
consideration paid or payable by a person for any
purchase made including any sum charged for
anything done by the seller in respect of the goods at
the time of or before delivery thereof, other than the
cost of insurance for transit or of installation,
when such cost is separately charged.”
10. Sale
“Sale” means a sale of goods made within the State for
cash or deferred payment or other valuable
consideration but does not include a mortgage,
hypothecation, charge or pledge.
11. Sales Price
“Sale Price” means the amount of valuable
consideration paid or payable to a dealer for any sale
made including any sum charged for anything done
by the seller in respect of the goods at the time of or
before delivery thereof, other than the cost of
insurance for transit or of installation, when such
cost is separately charged.
12. VAT Applicability
Importer
1. Annual Sales Turnover should be above 1 lakh
2. In a year the value of the taxable goods sold or
purchased should be more than Rs. 10,000/-
13. Other
Annual Sales turnover should be more than 5 lakhs
In a year the value of the taxable goods sold or
purchased should be more than Rs. 10,000/-
14. E - Registration
Location
Name of Business
Name of Applicant
Status of Applicant
PAN
Select : MVAT , CST Act
Request ID & Retreival
15. Filling the form on-line
Acknowledgement
Physical Submision of Form & Documents
Personal Attendance of Applicant for Photo-sign.
Obtaining TIN Allotment Letter
E-services enrollment & Submission of its
Acknowledgement.
16. Filing of MVAT
E Registration is required
Download – Forms – Electronic forms –
- e-applications for CST forms
Off-line filling of Forms
E-Application for CST Forms C / F / H / E-I/ E-II
Location of Main POB
CST RC/TIN of Form accepting Dealer
Period of Transaction (for F Forms -Monthly, for
Others-Quartrerly, Half Yearly)
Total No. of Transactions
Total Value of Transactions
Description of Major Goods
17. Validation of File
If error shows, open Error Sheet and correct the errors
On Validating again, –Rem.txt file is generated in My
documents folder
Dealer Login & Password
E-Services - E-CST Declarations
Browsing and uploading
Acknowledgement