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Greetings!
Reduction
of tax to 4% on branded Bakery products for the period from
01/01/2007 to 07/06/2007
Rate
of tax is reduced to 4% on the sale by any dealer of bakery
products including buns, rusks, biscuits and cakes sold with
a brand name with effect from 01/01/2007 to 07/06/2007.
Click
to view/download
Notification
Reduction
of tax to 4% on sale to Power Grid Corporation
Rate
of tax is reduced to 4% on the sale by any dealer of any goods
except petrol, diesel and cement to Tvl. Power Grid Corporation
of India Limited, Chennai, for use in transmission of electricity
energy in the State of Tamil Nadu, subject to the condition
specified in the notification with effect from 27/03/2002.
Click
to view/download
Notification
The
Tamil Nadu Government has promulgated Tamil Nadu VAT Second
Amendment Ordinance,2008 making the following amendments to
the TNVAT Act,2006.
Summary
Assessment of Returns under the TNGST Act,1959 for the Period
April 2006- December 2006
Section
87A has been inserted in the TNVAT Act,2006 providing for
summary assessment of returns filed by the dealers under the
TNGST Act,1959 and AST Act subject to the procedure to be
prescribed.
Composition
Dealers
Time
Limit for exercise of Composition Option
The
time limit for exercise of option of composition of tax by
retail dealers under section 3(4) of the TNVAT Act,2006 has
been specified as 30 days from the commencement of business
or before 30th April in the case of a dealer whose turnover
is below Rs.50 lakhs per annum in the previous year. The last
date for the financial year 2008-09 is 18/07/08
Input
tax credit for composition dealers liable to pay VAT on turnover
exceeding Rs.50 lakhs during the year
A
retail dealer who had exercised the option to pay compounded
tax under Section 3(4) shall be required to pay VAT at the
rate of tax applicable to the relevant goods on his turnover
exceeding Rs.50 lakhs during the course of the year. Such
dealers have to intimate the assessing officer within 7 days
of the turnover exceeding Rs.50 lakhs and shall be required
to pay VAT on the sales turnover exceeding Rs.50 lakhs.
Such dealers shall be eligible to Input Tax Credit on goods
in stock that have been purchased within 90 days of the liability
to pay VAT.
Once
the turnover has crossed Rs.50 lakhs in a year, such dealer
would be ineligible to opt for composition of tax for any
of the subsequent years.
Filing
of Returns
Section
21 has been amended providing for filing of returns by every
registered dealer. Prior to this amendment the requirement
of filing of return read as applicable only to a dealer liable
to pay tax.
Click
to download Tamil Nadu VAT (Second Amendment) Ordinance, 2008
VAT
on HSD Oil reduced by 2%
Rate
of Tax reduced from 23.43% to 21.43% on the sale of High Speed
Diesel oil with effect from 06/06/2008.
Click
to download Notification G.O.Ms.No. 57 dated 05/06/2008
CST
Rate of Tax reduced to 2% with effect from 01/06/2008
The
Ministry of Finance has issued necessary Notification on 30/05/08.
We
have received several calls/mails requesting confirmation
of the reduction of CST rate of tax to 2% with effect from
01/06/2008 as certain press reports suggest that the Notification
is withdrawn.
It
is only the initial Press Release on reduction of CST to 2%
that was withdrawn and reissued and not the notification.
The
initial press release made a reference to the efforts to be
taken by the Empowered Committee to prevail upon the State
Governments to impose VAT on textiles as also to increase
the general VAT rate from 4 per cent to 5 per cent within
the financial year 2008-09 as per agreement reached earlier.
Reference
to the imposition of VAT on Textiles and the increase in the
4% VAT rate of tax to 5% was deleted and the Press Release
was reissued.
To
the best of the information available with us, the notification
reducing the CST Rate to 2% is not withdrawn.
Maharashtra
CT Department has issued circular for reduction of CST rate
to 2% with effect from 01/06/2008.
Click
to download Notification and Circular
Helpline
Users
of tnvat.com may contact 0452 4362021, between 5pm to 7 pm
on any working day for clarifications on VAT related issues.
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