HIGHLIGHTS OF DVAT (4 th Amendment)Act,2012
This document outlines the key features of the Delhi VAT (4th Amendment) Act, 2012, which was passed by the Delhi Assembly on December 13, 2012, and received assent on December 24, 2012, becoming effective from January 16, 2013. Significant amendments include changes in the definition of sale price, an increase in the TDS rate from 2% to 4% on payments to contractors, removal of certain requirements under DVAT-04, and new compliance measures for dealers regarding the Import Export Code (IEC).
HIGHLIGHTS OF DVAT (4 th Amendment)Act,2012
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Presentation Transcript
HIGHLIGHTS OF DVAT (4th Amendment)Act,2012 CA VIJAY KUMAR GUPTA vijayguptaca104@yahoo.com
HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Passed by the Delhi assembly on 13-12-2012 Received assent of LG on 24-12-2012 Applicable wef 16-01-2013 By CA Vijay Kumar Gupta
HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Amendment in the defination of sale price(Sec.2(1) clause zd(vii) Retail sale price of petrol and diesel will be treated as sale price By CA Vijay Kumar Gupta
HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Amendment in Sec.36A Rate of TDS increase from 2% to 4% for payment made by any person(excluding Individual or HUF) to any contractor Uniform rate of TDS to all dealers whether registered or unregistered
HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Rate of TDS on the payment by contractor to subcontractor increased from 2% to 4% Uniform rate of TDS to all dealers whether registered or unregistered By CA Vijay Kumar Gupta
HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Amendment to Sec.58A Requirement of proceedings under DVAT-04 has been removed. Now, Commissioner can order Audit u/s 58A at his own will keeping in mind the nature and complexity of the business of the dealer
HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Section 58(2) substituted. Fees of audit shall be determined and paid by the commissioner and his determination shall be final. By CA Vijay Kumar Gupta
HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Amendment to Sec.95 For New dealers ,intimation of IEC compulsory at the time of Registration Every dealer has to intimate his existing IEC number to the Department with in 2 months i.e. 15-03-2013 If obtained subsequently, intimation with in 15 days of obtaining IEC
HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Failure to intimate IEC leads to penalty of 1000 per week subject to a maximum of 50000/-Sec.95(4) By CA Vijay Kumar Gupta
