dvat an overview by sushil verma advocate l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
DVAT – AN OVERVIEW BY SUSHIL VERMA ADVOCATE PowerPoint Presentation
Download Presentation
DVAT – AN OVERVIEW BY SUSHIL VERMA ADVOCATE

Loading in 2 Seconds...

play fullscreen
1 / 14

DVAT – AN OVERVIEW BY SUSHIL VERMA ADVOCATE - PowerPoint PPT Presentation


  • 287 Views
  • Uploaded on

DVAT – AN OVERVIEW BY SUSHIL VERMA ADVOCATE. TO ALL MY PROFESSIONAL FRIENDS. DVAT – AN OVERVIEW. WORKING OF VALUE ADDED TAX CLAIM INPUT TAX CREDIT ON ALL PURCHASES FOR BUSINESS INCLUDING MANUFACTURE AND TRADE EXCEPT CST PURCHASE AND PURCHASE AS PER SCHEDULE VII OF DVAT ACT.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'DVAT – AN OVERVIEW BY SUSHIL VERMA ADVOCATE' - paul


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
dvat an overview by sushil verma advocate
DVAT – AN OVERVIEWBY SUSHIL VERMA ADVOCATE
  • TO ALL MY PROFESSIONAL FRIENDS
dvat an overview
DVAT – AN OVERVIEW
  • WORKING OF VALUE ADDED TAX
  • CLAIM INPUT TAX CREDIT ON ALL PURCHASES FOR BUSINESS INCLUDING MANUFACTURE AND TRADE EXCEPT CST PURCHASE AND PURCHASE AS PER SCHEDULE VII OF DVAT ACT.
  • CHARGE OUTPUT TAX ON ALL SALES
  • OUTPUT MINUS INPUT TAX = NET TAX ( - OR + )
dvat an overview3
DVAT – AN OVERVIEW
  • VALUE ADDED TAX CENTRAL SALES TAX ACT
  • 1. NO CHANGE IN CST WORKING
  • EFFECT OF CST ON DVAT AND DEALERS IN DELHI
  • WHY IS CST NOT MADE VATABLE?
  • DOES IT REALLY MATTER TO TRADERS AND EXPORTERS IF OTHER THINGS HELD CONSTANT AS PER CURRENT SCENARIO?
  • STOCK TRANSFERS – IS IT A BIG ISSUE?
dvat an overview4
DVAT – AN OVERVIEW
  • REGISTRATION AND RETURNS
  • AUTOMATIC REGISTRATION FOR ALL EXISTING DEALERS UNDER ANY DELHI ACT
  • COMPOSITION SCHEME FOR DEALERS HAVING TURNOVER BETWEEN 10-50 LAKHS – IMPLICATION
  • RIGHTS AND DUTIES OF A VAT REGD DEALER
  • RETURNS, TAX PAYMENTS AND TIME LINES FOR RETURNS.
  • CASUAL DEALERS – A NEW DEVELOPMENT
dvat an overview5
DVAT – AN OVERVIEW
  • REFUNDS UNDER DVAT – AN OVER EMPHASISED FEAR OF TRADE, INDUSTRY AND EXPORTERS? OR COULD IT BE REAL POST-VAT? IMPLICATIONS
  • JOB WORK OUTSIDE DELHI UNDER DVAT
  • PACKING MATERIALS AND CONTAINERS.
  • TIME OF SALE AND PURCHASE – A SERIOUS QUESTION
dvat an overview6
DVAT – AN OVERVIEW
  • NEW CONCEPTS INTRODUCED
  • TAX INVOICE, RETAIL INVOICE, PROFRMA INVOICE.
  • TAX DEFICIENCY – STUDY CAREFULLY
  • FAIR MARKET VALUE
  • TRANSACTION BETWEEN RELATED PARTIES
dvat an overview7
DVAT – AN OVERVIEW
  • ANNUAL RECONCILIATION STATEMENT – IMPACT ON CLIENTS, PROFESSIONALS AND THE GOVT.
  • SECURITY ISSUES UNDER DVAT – For Refunds, For Registration, For release of material and vehicles; for Stay matters – Important Provisions.
  • Adjustments for Bad Debts.
dvat an overview8
DVAT – AN OVERVIEW
  • ASSESSMENTS, REASSESSMENTS, DEFAULT ASSESSMENTS – WHAT IS THIS CONFUSION?
  • AUDIT UDNER DVAT – VARIOUS TYPES – IMPLICATIONS ON DEALERS AND PROFESSIONALS.
  • DEEMED DEALERS – A NEW CONCEPT BUT VERY CRITICAL FOR SUCCESS OF DVAT.
dvat an overview9
DVAT – AN OVERVIEW
  • CHECK POSTS, BARRIERS AND ENTRY FORMS – CAN DELHI GO FOR THESE RETROGATIVE PROVISIONS OR WILL DELHI DEALERS BEHAVE AND PAY DUE TAXES?
  • IMPLICATIONS OF ENTRY FORMS – SUCH PROVISIONS IN COMPATIBLE WITH VAT AND MUST FAIL UNDER ALL CIRCUMSTNACES.
dvat an overview10
DVAT – AN OVERVIEW
  • SOME ISSUES RAISED BY DVAT
  • CAPITAL GOODS
  • SECOND HAND GOODS
  • PRINCIPAL & AGENTS – REDEFINED.
dvat an overview11
DVAT – AN OVERVIEW
  • FINAL FRONTINERS OF DVAT
  • HAS MERGED ALL OTHER TAXES
  • IMPLICATIOS OF VAT ON
    • WORKS CONTRACT
    • RIGHT TO USE
    • HIRE PURCHASE
    • C& F AGENTS
    • ORGANISED RETAILERS.
dvat an overview12
DVAT – AN OVERVIEW
  • VAT AND CHARTERED ACCOUNTANTS
  • EXTENSIVE AUDIT OF INPUT TAX CREDIT
  • TREATMENT OF CAPITAL GOODS
  • TREATMENTAND ACCOUNTING OF ADJUSTMENTS
dvat dvat an overview an overview
DVAT DVAT – AN OVERVIEW– AN OVERVIEW
  • THANK YOU FOR YOUR PATIENT HEARING. HOPE THIS PRESENTATION ADDS VALUE TO YOUR TAX KNOWLEDGE AND UNDERSTANDING.
  • QUERIES ; sushilverma@touchtelindia.net
          • www.skvconsultants.com