Corporate Updates 01 May 2014

Punjab VAT: 

The Punjab VAT authorities has amended the Punjab VAT Act, 2005 for availing input tax credit under is the first proviso to section 13(1) of the said Act. The above proviso already existed since the original enactment of Punjab VAT Act, 2005, however earlier the condition contained in the said proviso was that input tax credit was available if the goods are “for sale” or are “for use” in manufacturing or processing of goods meant for sale. Now w.e.f. 01.04.2014 the condition is the input tax credit will be available when such goods are “sold” or are “used” in the manufacturing processing of goods meant for sale. If such goods remain in stock you will not get the input tax credit of the tax paid on such stock of goods even though you are having VAT invoice

DVAT: 

DVAT Authorities have extended the last date of Filing of online return for 4th quarter of 2013-14, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexures, and submission of hard copy to 09/05/2014. The tax due shall however continue to be paid in the usual manner as per the provisions of section 3(4) of the Delhi Value Added Tax Act, 2004. The dealers filing the returns through digital signature need not file hard copy of the return/Form DVAT-56. To view & download the circular, please Click Here.

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