Complete Tax Solution

I hurried inside the elevator of the Sale Tax Department among others and breathed in the usual “fragrance” of tobacco and paan plastered colourfully on the door. My pocket felt heavy with currency notes which, by the time I would leave, would become considerably lighter! Perhaps you are expecting a usual case of corruption, the ‘so-used-to’ handing out the money like sweets in order to satisfy the hunger of the henchmen; well, I too expected the same as I reached the fourth floor. Little did I know that a most ‘curious’ case awaited me… As soon as I walked in to a large room full of clerks, assistants and mountainous piles of files, my face split into a smile. A fake smile, to speak the truth; you have to have a “pleased-to-see-you” expression to please the people sitting there, if you want your work done! Heads turned as I made my way to an assistant, they all had their eyes on me. Was I good looking? Well those heads usually turned not because of your good looks but becaus...

As per settled law VAT can be imposed on sale of goods only and not on service. Service can be taxed by Service Tax Laws. The authority competent to impose service tax has also assumed competence to declare what is service. If State has not challenged the same, it means state has accepted cum  assumed 40% is service part on restaurant bill. Therefore, where element of service has been so declared and brought under the Service Tax vide Government of India notification dated 06.06.2012, (i.e. 40% of bill amount to the customers having food or beverage in the restaurant was made liable to service tax) no Value Added Tax can be imposed thereon. It is well known and settled fact that restaurant bill includes both component Goods and Service. And since service component is there central government is levying service tax on discounted rate means on 40% value of entire bill considering 40% as a service. If restaurant owners are charging VAT on entire bill means they are charging,...

Composition scheme is the scheme to facilitate small dealers (whose turnover in one year does not exceeds Rs.50 Lac) to pay D-VAT at flat rate of 1% without claiming Input Tax Credits in respect of VAT paid on local purchases made from registered dealers. 1.Who Can apply for Composition Scheme? Any dealer whose interstate Sales does not exceeds Rs.50,00,000 in a financial year. 2. Who cannot apply for Composition Scheme? Following are  not eligible to opt for Composition Scheme : Dealer procuring goods from outside Delhi Dealer whose turnover exceeds Rs.50,00,000 Dealer who fulfil any other conditions as notified by Commissioner

Deputy Chief Minister of Delhi Manish Sisodiya presented the Annual Budget for 2016-17 in Assembly on 28.03.2016 and  rationalisesd VAT and Other Duties which may result in reduction in prices of readymade garments, shoes, watches and electric and hybrid vehicles. In this Article we have covered Highlights of Changes related to Taxes/ Duties and Extract of his Budget Speech related to Changes in Tax and Duty Structure. HIGHLIGHTS OF GOVERNMENT OF NCT OF DELHI BUDGET- 2016-17 RELATED TO VALUE ADDED TAX, EXCISE DUTY, STAMP DUTY, LUXURY TAX ETC. Due to transparent, honest, efficient and effective governance, the overall revenue for the fiscal year 2015-16 has grown at an unprecedented rate of 17% as compared to previous Proper care has been taken in formulation of Tax Policy so that the dipstributive character of Delhi is maintained. VAT constitutes nearly 65% of total tax revenue.

Good News for all those who want to trade online on Webportals like Flipkart, Snapdeal or Amazon then you should have a Delhi VAT registration Number (TIN Number) and those who want to start their small medium Businesses. As The Department of Trade and Taxes has made certain relaxations in its rules of granting Registration like No Surety is required to apply for registration. You can apply for registration by following these steps. 1.Who can obtain registration Individual (Proprietorship Firm) Person who want to trade online on ecommerce sites like Flipkart,Snapdeal etc. Partnership Firm Private Ltd. Company Public Limited Company Government Company

What is form 2A & 2B Form 2A contain the details of all local purchases made by a registered dealer during the period (quarter) & Form 2B contain the details of local Sales made by a registered dealer during the period (quarter). Who is required to fill Form 2A & 2B Every dealer who is registered under DVAT Act ’2004 except Banquet halls & person carrying on E commerce business (say.Flipkart,Snapdeal) What is the content of Form 2A & Form 2B Following details are required to be given in Form2A TIN of Seller/Purchaser Name of Seller/Purchaser(Autofilled) Classification of goods (VAT Rate) Invoice Amount