Updates that Matter # 1

Dear All,

Please find below the “Updates that Matter (UTM # 1)”,

1. a)VAT :- In its landmark judgement (and much awaited) in case of L&T, Larger Bench of Hon’ble Supreme Court on 26^th September, 2013 has held that ratios decided by two member bench of the Hon’ble Supreme Court has laid correct legal position and has approved the same.  Further, also held that consequential amendments in law by Maharashtra VAT in regard to explanation (b)(ii) to Section 2(24) of MVAT are constitutional and held valid .

The same can expectedly surge the drive of the VAT Departments across the states to enforce the issue and render such contracts as liable to state vat tax.

Please find the link for the complete text of the Judgements… http://goo.gl/TCTv76

2013. b)ST: The Service Tax Return (ST-3) for the period April -September’ 13 is now available in ACES for e-filing by the assesses in both offline and online version. The last date of filing the ST-3 return for the said period is 25th October, 2013.

1. c)CENVAT :– The cenvat Credit Rules, 2004 amended – If the capital goods are cleared as waste and scrap, the manufacturer shall pay an amount equal to the duty leviable on transaction value. Hence No Link with initial cenvat availed. Link to the Original Notification.

Regards,

CA.Ankit Gulgulia (Jain)|B.COM(H), C.A, C.IFRS, C.B.V

Indirect Taxation| Transfer Pricing | Valuation | Corporate Laws | STPI

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