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Archive for March, 2012

Gujarat VAT Clarification: Provisional Refund of ITC on Closing Stock

Rule 37(5) read with Rule 15(6) of the Gujarat VAT Rules provide for provisional refund of upto 90% of the unadjusted `input tax credit’ (ITC) where the ITC (other than ITC on capital goods) admissible in the relevant period remains unadjusted against the output tax and if such unadjusted ITC is claimed as a refund […]

Gujarat State Budget 2012 Proposed changes in VAT rates

The Gujarat Finance Minister placed the Budget for 2012-13 before the State Assembly on 24-Feb-2012. The Budget proposals included the following changes in VAT Rates:   Particulars Existing rates(%) Incl. Add. Tax Proposed rates(%) Incl. Add. Tax Hinges-butt, tee, lock handle, furniture handle, furniture knob, drawer channel, furniture hinges, rivets, staples, panel pin, stud, chains […]

Service Tax on `Legal Consultancy Service’

[By Shaleen Shah (Partner), VNCA] This article appeared in the Feb-2012 edition of the Sales Tax Journal published by The Gujarat Sales Tax Bar Association After amendments w.e.f. 01-05-2011, even Individual legal consultants are covered in respect to certain services – Legal Consultancy Service is applicable to any person providing legal consultancy – STPs issuing […]