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07 October, 2014

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Updates that Matter (UTM # 15)

Dear Friends,

Please find below the “Updates that Matter (UTM # 15)”,

Ø  DVAT :- Form 9 Due Date Extended to 28th November, 2014


Ø  Service Tax: - Sale of Space for Advertisements is now taxable except in print media.


Ø  HVAT :- Developers Composition Scheme to opt for w.e.f 1.4.2014 gets extended to 10.10.2014 


(Copy of Memo Attached- Not Available on Website Currently)


Ø  Deemed Exports :- Refunds, Exemptions and Jargon Simplified


{An Analysis)


Ø  Service Tax & Central Excise :- No Refunds from Cheque – Only RTGS / NEFT


Ø  VAT:- VAT Problems in E-Commerce Transactions – Amazon Case Study





Ø  Transfer Pricing :- Notified Tolerance Limit in certain transactions





a)      DVAT: - Form 9 as required to filed by the dealers who are engaged in interstate transactions based on form declaration is a pre-requisite for claiming refund of excess input tax credit as on 31.3.2014 and onwards. The due date of the same has been extended from 30th September, 2014 to 28th November, 2014


F.7(420)/VAT/Policy/2011/PF/391-397 dated 26.9.2014

b)    ST:  The Negative list changes proposed which enhances the ambit of taxability will be effective from 01.10.2014. Accordingly the exemptions to radio taxis shall be not applicable along with sale of space / time slots for advertisements including print media.


Notification No. 18/2014-Service Tax dated 25th August, 2014



c)    HVAT: The Time Limit for Developers in Haryana to opt for composition scheme w.e.f 1.4.2014 pursuant to Rule 49A(5) has been extended to 10th October, 2014.


Memo No. 1558/ST-1 dated 01.10.2014


d)    Central Excise & Foreign Trade Policy: -Please find link below to the analysis of refunds and exemptions under deemed exports of foreign trade policy.


Link to Analysis


e)    Service Tax & Central Excise:- The present system of issuing account payee cheques to the refund/rebate claimants under Service Tax and Central Excise on sanction is cumbersome and entails paper work. Besides monitoring of cheque returns owing to clerical errors and incomplete information etc. results in considerable delay in settlement.


In order to alleviate such problems, it has been decided, henceforth to mandatorily credit the sanctioned amounts as the case may be to the claimant's bank account by way of RTGS/NEFT facility under Electronic Clearing System (ECS) system offered by the Commercial Banks.


TRADE NOTICE NO.4/2014-ST[F.C.NO.IV/16/08/2014-S.T], DATED 29-7-2014


f)     VAT: - The leading e-commerce giant’s operations in Karnataka have hit a sales tax hurdle. Attaching herewith an analysis on the issue and why we see that the issue might travel to other state as well.    

Link to Analysis


g)    Transfer Pricing: - Arms length price tolerance limit has been notified under certain transactions including wholesale trading


Notification 45/2014 dated 23-9-2014



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

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