• 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.
Saturday, 14 June 2014
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:
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