We have executed part of Contractual work during December 2005 to March 2005, but the Client (Corporation of Visakhapatnam) going to releasing the payment in June 2005 with the VAT Deduction.
Is theire any point to get claim on that. Please advice us. e.sivaramakrishna
Hey, When I read first I found many mistakes, like missing literal,- replaced my ? and even wrong calculation and example! I request you to douple check any document before publishing. It's good to see that you have corrected it.
If your supply is designed goods and your turnover is Rs 5 lakh you must register. (This is wrong. designed or undesigned goods, you have to register if your turnover is above Rs 2 lakh.)
VAT returns are filed every month or every quarter... VAT return is to be filed every quarter. (All VAT registered dealers are required to file monthly returns except those registered under the Composition Scheme.)
Subtracting input tax ...is at the discretion of VAT officer (There is no question of discretion. The concept of VAT itself is that you have to deduct input tax from output tax and pay the difference.)
In certain case, comissioner may pay you excess (Excess tax paid and refundable should be carried over to the next tax period (ie. till the end of the year and only after the last return of the year is filed, the excess will be paid back. However, only in the case of exporters, the excess is paid back after the monthly return is filed.)
Dear Sir/Madam, I am from JCB India Ltd. Our Factory manufacturing Construction Equipment machinery is located at Ballabgarh in the state of Haryana.My Question is : "If a local customer of Gujarat (non-registered) wishes to purchase JCB Machinery from our Haryana factory, what will be the VAT/CST rate for billing from our Factory at Ballabgarh. Kindly give clarity in the present circumstances, given the fact that Haryana has implemented VAT and Gujarat has not . For your information, CST rates for non-registered customers is/was 10%. Please clarify."
It was very useful information provided by kul bhushan...but let me tell u sir this is an india and not an america or uk...here we are the bakra...let me explain... even if we pay VAT,no doubts we get VAT returns...but there will be more harassement to the public...if a person pay vat for the goods he purchased from retailers & if he is caught by the vat officer,the first question officer will ask show me the bill,the vat u hve paid...even if the consumer has paid vat,he will be harassed a lot for the CHAI-PANI(corruption),in turn he will also harassed the retailer... In india nothing works without money...
