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Friday, 28 June 2013

Last date for filing Stock Statement Extended



DVAT- STOCK STATEMENT AS ON 31.03.2013

In partial modification to Notification No. F.7(433)/Policy-III/VAT/ 2012/472-483 dated 16/08/2012 for filing of Stock Statement in form Stock-1 online for stock available on 31st March 2013, the last date has been extended on the basis of turnover as per chart below

Class of Dealers
Last Date for filing of stock statement in Form
Dealers having Gross Turnover (GTO) upto Rs. 1 crore during the year 2012-13
05/08/2013
5th August 2013
Dealers having Gross Turnover(GTO) more than Rs. 1 crore during the year 2012-13
05/10/2013
5th October 2013
    
                              COPY OF NOTIFICATION


D-VAT - ONLINE REGISTRATION - FORMS TO BE FILED ONLINE

DVAT -  E Filing of Forms for registration with Trade and Taxes Dept. Delhi 
In pursuance of the earlier notification dated 18.06.2013 regarding mandatory registration with DVAT Department and as informed in our previous communication titled “DVAT UPDATE : SECURITY ON REGISTRATION DONE AWAY WITH” WEF 01.07.2013 E filing of DVAT 04 shall become mandatory.

Now in partial modification to that notification, another Notification No. F.7(453)/Policy/VAT/2012/339-349 has been issued which makes it mandatory to E-file the following forms along with DVAT 04 where ever applicable at the time of registration.

Form A
Application for Registration u/s 7(1) / 7 (2) OF THE CENTRAL SALES TAX ACT,1956
WC 01
Application Form for opting Composition by an eligible works contractor in respect of scheme as notified by Government under sub-section (12) of section 16.
DVAT 01
Application For Opting For Composition Scheme (General)
DM 01
Application Form for opting Composition by an eligible drugs and medicine dealer in respect of scheme as notified by Government under sub-section (12) of section 16
BU 01
Application Form for opting for Composition Scheme as notified exclusively for bullion traders by Government under sub-section (12) of section 16


COPY OF NOTIFICATION




Thursday, 27 June 2013

DVAT – Form T 2 form when to fill, what to do?

DVAT – Form T 2 form when to fill, what to do?

The Trade and Taxes Department Delhi has issued a notification dtd. 17/05/2013 clarifying the requirements with regard to Form - T2 applicable to Purchasers/ Importers/ Dealers who are receiving goods from outside Delhi.

Applicable to Whom
  • Dealers having GTO
  • more than or equal to
  • Rs. 10 crores in the FY 2011-12.

Exemption
  • Dealers dealing exclusively in Tax Free Goods need not file T2.

What if the turnover was not 10 crore in 2011-12 but exceeds limit in any subsequent year?
  • T-2 shall become applicable from such subsequent year in which T/o exceeds Threshold limit.

What if Turnover is 10 crores or more in one FY for example 2011-12
And then in subsequent FYs T/o is below 10 Crores what is the liability regarding T-2?
  • Once the dealer becomes liable he shall have to file T-2 for all times to come.
  • Even if T/o in subsequent FY is below 10 Crores. (Explanation to notification)

What to file in Form T-2
  • Details of invoices and G R No.,
  • Details of Goods which are required to enter the state of Delhi for any reason i.e Purchase, stock transfer, consignment, branch transfer.

When to file form T-2
  • The form is to be filed online by the purchaser/ receiver of goods
  • before the goods enter the boundary of Delhi.

What if I don’t have the Vehicle number right now?
  • Fill form w/o vehicle number
  • Then revise within 48 hours of the goods entering Delhi and provide vehicle number.
  • But till that time you can’t
  • Dispose off/Sell/Dispatch these goods.

In case the goods are imported from NCR
and  Goods vehicle is owned by supplier
  • Where in such case carrying a GR is not possible
  • Fill Form DVAT-32 and carry a copy of the same with the vehicle.
  • AND In such a case the vehicle number should be reported in Form T-2 before the goods enter Delhi
  • and option to report within 48 hours is not available.

Requirements for the Transporter
  • The transporter is required to obtain a hard copy of the Form -T2
  • with or without the vehicle number and carry it in the vehicle with the goods.
  • Where the vehicle number is reported in the next 48 hours the transporter is required to take the copy of the revised Form -T2 and retain it.



COPY OF THE NOTIFICATION IS AS UNDER




Monday, 24 June 2013

The Central Government has made new rules relating to commodities Transaction Tax. (Notification No: 46/2013)

Commodities Transaction Tax Rules, 2013

Effective Date    
1st day of July, 2013.

Agricultural Commodities
(i) Almond
(ii) Barley
(iii) Cardamom
(iv) Castor Seed
(v) Channa/Gram
(vi) Copra
(vii) Coriander/Dhaniya
(viii) Cotton
(ix) Cotton seed Oilcake/Kapasia Khali
(x) Guar Seed
(xi) Isabgul Seed
(xii) Jeera (Cumin Seed)
(xiii) Kapas
(xiv) Maize Feed
(xv) Pepper
(xvi) Potato
(xvii) Rape/Mustard Seed
(xviii) Raw Jute
(xix) Red Chilli
(xx) Soya bean/seed
(xxi) Soymeal
(xxii) Turmeric
(xxiii) Wheat

Value of taxable commodities transaction, commodities transaction tax, etc.
To be Rounding off
to the nearest rupee

Payment of commodities transaction tax

Through any authorised Bank accompanied by a commodities transaction tax challan

Return of taxable commodities transactions

In Form No. 1
Modes
1. In paper form
2. Electronically under digital sign.

In case return is submitted in paper form
schedules to form 1 to be submitted on a computer media
(a) the computer media conforms to the following specifications:-
(i) CD ROM of 650 MB capacity or higher capacity; or
(ii) Digital Video Disc;
(b) if the data relating to the Schedules are copied using data compression or backup software utility, the corresponding software utility or procedure for its decompression or restoration shall also be furnished; and
(c) the return shall be accompanied by a certificate regarding clean and virus free data.

Due date
On or before the 30th June immediately following that financial year.

Signed by
(i) in case of a company, by the managing director or a director thereof; and
(ii) in any other case, by the principal officer thereof.

Click Here for a copy of the Notification


For applicable forms click below






Friday, 21 June 2013

LAST DATE FOR FILING OF FORM DP-1 ONLINE HAS BEEN EXTENDED VIDE NOTIFICATION DATED 20-06-2013


Last date for filing of Form DP-1 online has been extended vide notification dated 20-06-2013

In Partial modification to Notification No.F.3 (352)/Policy/ VAT/2013/231-241 dated 28.05.2013 regarding submission of Form     DP-1, the last date for filing the form online has been extended as per the schedule as given below.

Class of Dealers
Last date for submission of information online in Form DP-1
Dealers having GTO more than or equal to Rs. 50,00,000/- (Rupees Fifty Lakhs)
07/07/2013
Dealers having GTO more than or equal to Rs.25,00,000/- (Rupees Twenty Five Lakhs) but less than Rs.50,00,000/- (Rupees Fifty Lakhs)
14/07/2013
Dealers having GTO less than Rs. 25,00,000/- (Rupees Twenty Five Lakhs)
21/07/2013
 
The notification as released from the Trade and Taxes Department is attached herewith.



Wednesday, 19 June 2013

DVAT UPDATE : SECURITY ON REGISTRATION DONE AWAY WITH

DVAT UPDATE : SECURITY ON REGISTRATION  DONE AWAY WITH, till further orders
Notification No. F.7(453)/Policy/VAT/2012/298-308

Effective Date
          01/07/2013
What is the effect
·         (DVAT 04), Registration under DVAT
·         Application shall mandatorily be  made ONLINE
·         Via WWW.DVAT.GOV.IN
Procedure
1.       Fill application online
2.       Submit hard copy of this application
3.       With supporting documents
When
Within 3 working days of e-filing of the application
Where
In the concerned Ward
Relief granted
·         WEF        01/07/2013
·         No security required
·         While applying for registration
·         With Trade and Taxes Dept., till further orders.

Sunday, 9 June 2013

Rates of exchange applicable for calculation of gross value of taxable service notified 59/2013-Cus.,(N.T.), Dated: June 06, 2013


                         Applicable from          
June 07, 2013

Compliance of Section
Section 67A of the Finance Act, 1994
read with explanation to Section 14 of the Customs Act, 1962
What to do?
Rate of exchange
for calculation of gross value of taxable service
would be the rate,
as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa,
 applicable on the date on which
taxable service has been provided or agreed to be provided.
How?
CBEC from time to time issues Notification to notify rate of exchange determined by it.
Please find enclosed herewith the Notification No. 59/2013 dated June 06, 2013 containing the Rates of Exchange applicable from June 07, 2013.
NOTIFICATION NO
59/2013-Cus.,(N.T.), Dated: June 06, 2013 
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.54/2013-CUSTOMS (N.T.), dated the 16thMay, 2013 videnumber S.O.1121(E), dated the 16 th May, 2013, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency orvice versa shall, with effect from 07 th June, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
SCHEDULE-I
S.No.
Foreign Currency
Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)
(2)
(3)


(a)
(b)


(For Imported Goods)
(For Export Goods)
1.
Australian Dollar
55.00
53.65
2.
Bahrain Dinar
153.85
145.30
3.
Canadian Dollar
55.20
53.85
4.
Danish Kroner
10.05
9.75
5.
EURO
74.60
72.90
6.
Hong Kong Dollar
7.35
7.20
7.
Kenya Shilling
68.25
64.15
8.
Kuwait Dinar
203.20
191.80
9.
New Zealand Dollar
46.05
44.70
10.
Norwegian Kroner
9.85
9.55
11.
Pound Sterling
87.40
85.35
12.
Singapore Dollar
45.65
44.60
13.
South African Rand
5.95
5.55
14.
Saudi Arabian Riyal
15.45
14.60
15.
Swedish Kroner
8.70
8.45
16.
Swiss Franc
60.30
58.65
17.
UAE Dirham
15.80
14.90
18.
US Dollar
56.85
55.85
SCHEDULE-II
S.No.
Foreign Currency
Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)
(2)
(3)


(a)
(b)


(For Imported Goods)
(For Export Goods)
1.
Japanese Yen
57.05
55.65
[F.No.468/03/2013-Cus.V]
(SATISH KUMAR REDDY)
DIRECTOR (ICD)