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Saturday 14 June 2014

Customs Broker Licensing Regulations 2013

 The amount of security has been enhanced from Rs. 75,000/- under Custom House Agents Licensing Regulations (CHALR), 2004 to Rs. 5 lakh in CBLR 2013.

Introduction of New Work Sheet for Vat Dealers In Punjab

Introduction: The Vat department vide Notification dated 15-11-2013, had amended section 13(1) proviso and allowance of Input tax credit was restricted to goods sold or used in manufacturing, processing or packing of taxable goods w.e.f. 01-04-2014. The various trade organizations pitched their voice against this law which is going to deny their rightful claim of Input tax credit and going to keep them glued to their account books in general  and stock records in particular. However the department in its spree to collect more and more taxes decided to give it a go ahead and has come out with a grandiose worksheet vide public notice dated 11-06-2014. However following issues require the attention of the department: