By Tarun Ghia, Pratik Mehta, Brijesh Cholera Chartered Accountants
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5. Notification No. VAT-1514/CR-69 & 69(1)/Taxation- 1 dated 22-08-2104
Notifies capital goods and parts and components thereof under schedule entry C-107(2A) wef 01-09-2014 and amends the government order Finance Department No. VAT -1507/CR/93/Taxation-1 dated 21-01-2008 wef 01-09-2014.
6. Notification u/s. 42 of the MVAT Act (Retailer Composition Scheme) VAT-1514/CR 58/Taxation dated 21.8.2014 & Trade Circular 17T of 2014 dated 20-09-2014
By this notification new retailer composition scheme introduced in place of old scheme wef 01-10-2014. Now in new retailer composition scheme two options have been provided for payment of composition amount. If dealer opts to pay composition amount on total turnover of sales including tax-free goods then 1% and other option is 1.5% of total turnover of sales of taxable goods. Present dealers who are in composition scheme also have to apply in Form 4A before 31st October, 2014 and opt for the composition scheme otherwise not eligible for new composition scheme and old retailer composition scheme shall expire on 30-09-2014. Trade Circular No. 17T explains eligibility, rate of tax and conditions for composition scheme for retailer.
7. Notification u/s. 31A (2) of the MVAT Act (Tax Collection at source on Minor Minerals) VAT 1514/CR 68/Taxation-1 dated 21-08-2014
Notifies authorities and rate to collect amount from the dealer who has been awarded quarrying lease/permit in respect of minor minerals.
8.Notification under entry 2A of Schedule A appended to MVAT Act.No.VAT 1514/CR-59/Taxation -1 dated 21-08-2014
Notifies spare parts of air crafts for the purpose of Schedule A Entry No. 2A appended to MVAT Act.
9. Trade Circular 16T of 2014 providing E payment facility for Professional Tax, Luxury Tax and Sugarcane Purchase Tax through GRAS dated 17-09-2014
Sales Tax department has decided to accept payments under Professional Tax EC & RC, Luxury Tax and Sugarcane Purchase Tax through Government Receipt Account System (GRAS). Portal https://gras.mahakosh.gov.in/salestax available from 18-09-2014. At present it is optional. Detailed procedure for making payment is explained in the Circular.
