Taxclick TeamTaxclick Team

This is the team of the finance profession who, update the site on daily basis. The team is also responsible for giving the update as earliest and also give the timely reply to the quires asked by the visitors. The team can be reached at info@taxclick.org.

Providing e-payment facility for Profession Tax,Luxury Tax and Sugarcane Purchase Tax through GRAS – Trade Circular No. 16T of 2014

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The Government of Maharashtra has made available the facility of collection of Government receipts of various departments through GRAS (Government Receipt Accounting System) GRAS is a receipt portal and payment gateway under control of Directorate of Accounts and Treasuries, Mumbai having features as under:   i) The entire process from preparation of challan to submission … Read more

Retailer Composition Scheme For Mvat Dealers – Notification u/s 42 of MVAT Act

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FINANCE DEPARTMENT Madam CamaMarg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 21th August 2014 . NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT. 2002. No. VAT 1514/CR-58/Taxation-1.- In exercise of the powers conferred by section 42 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends the … Read more

MVAT Tax Collection at Source on Minor Minerals – Notification u/s 31A(2) of the MVAT Act

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FINANCE DEPARTMENT Madam CamaMarg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 21th August 2014 . NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT. 2002. No. VAT 1514/CR-68/Taxation-1.- -In exercise of the powers conferred by sub-sections (1) and (2) of section 31A of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government … Read more

MVAT computerized desk audit (CDA) selection criteria and compliance procedure

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Joint commissioner of sales tax has issued a trade circular regarding the computerized desk audit for the period 2011-12.  The circulars itself explains the complete procedure of CDA including selection criteria and compliance. The text of the circular is given below. Background: The VAT system envisages voluntary tax compliance by the tax payers. In order … Read more

Instructions for submitting Computerized Desk Audit (CDA) Compliance Form of MVAT

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1. Computerized Desk Audit (CDA) is an utility developed by department to analyse the electronic information uploaded by dealers through various e-services.  The analysis is resulting in identification of various issues in which additional taxes are found to be payable by dealers.  A list of such dealers covered under CDA is made available on Mahavat … Read more

Exemption from payment of late fee under section 20(6) is only after payment of tax and interest – Trade Circular No. 13T of 2014

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Description A late fee of rupees 5000 for delayed returns was introduced with effect from 1st August 2012, under the Maharashtra Value Added Tax Act, 2002 by virtue of sub-section (6) inserted in sections 20. 2 The State Government issued a notification under the proviso to section 20(6) on 1 st January 2014,providing for exemption … Read more

Different Types of Letter of Credit (L/C)

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1)     Documentary Letter Of Credit : In this type of letter of credit, it is obligatory to send documents of title to goods along with bill of exchange. If the bill of exchange is not accompanied by these documents the bank may not honor the bill of exchange. By document we mean export document which … Read more

Changes in Customs Duty in budget 2014-2015

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A.       No change in peak rate. It remains at rate of 10%. B.      Change in duty rates with immediate effect (from 11-7-2014) of major items are as follows: Sr. No. Chapter heading Description of goods Rate of BCD Till 10-7-2014 From 11-7-2014 1 29011000 Ethane and other goods 5.00% 2.50% 2 29012100 Ethylene … Read more

Changes in limit of duty free import as baggage in Budget 2014-2015

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There are changes in Custom Baggage Rule 1998 in Union budget 2014-2015. a.       The limit on duty free import as baggage has been enhanced with effect from 11/07/2014 as follows: 1.       Articles up to Rs.45, 000 other than personal effects can be imported by a passenger of and above 10 years provided such passenger has … Read more