- Himachal Pradesh VAT Second Amendment Bill:
Himachal Pradesh Value Added Tax (Second Amendment) Bill, 2016
The Himachal Pradesh Government (“the Government”) has introduced Himachal Pradesh Value Added Tax (Second Amendment) Bill, 2016 to amend Section 56 of the Himachal Pradesh Value Added Tax Act, 2005 (“Himachal Pradesh VAT Act”) dealing with the provisions relating to maintenance of confidentiality of Return etc. as follows-
- Substitution of the word “and” for “or” in clause (i) at the end
- Insertion of clause (k) in Section 56(3) dealing with the disclosures on which Section 56 will not be applicable-
“(k) of any such particulars in respect of any such statement, return, accounts, document, evidence, affidavit or deposition for the purpose of sharing of information with the Central Board of Excise and Customs, Department of Revenue, Ministry of Finance, Government of India in pursuance of Memorandum of Understandings executed between the State Government and the Central Board of Excise and Customs (“CBEC”) :
Provided that the State Government may in revenue interest allow sharing of information of any such particulars in respect of any such statement, return, accounts, document, evidence, affidavit or deposition with any other Department of the State or the Central Government.”
Thus, with effect of this amendment the State Government can share relevant data in respect of statement, return etc. with CBEC etc. for the purpose of higher and effective realization of revenue. The said sharing will be in accordance to Memorandum of Understandings (MOU) entered between Government and CBEC.
Further, the State Government may in revenue interest allow sharing of information of any such particulars in respect of any such statement, return etc. with any other department of the State or the Central government.
Read more at: http://www.a2ztaxcorp.com/wp-content/uploads/2016/12/BILL-NO.-25-OF-2016-of-HP-VAT.docx
- Himachal Pradesh Entry Tax Bill:
The Himachal Pradesh Tax on Entry of Goods into Local Area (Second Amendment) Bill, 2016
The Himachal Pradesh Government has introduced Himachal Pradesh Tax on Entry of Goods into Local Area (Second Amendment) Bill, 2016 to amend Section No. 3 of the Himachal Pradesh Tax on Entry of Goods into Local Area Act, 2010 (“the HP Entry Tax Act”) dealing with Incidence of tax and Section No. 8 of the HP Entry Tax Act dealing with Set off tax in certain cases.
- Section 3 of the HP Entry Tax Act (Incidence of tax)
Insertion of “when such goods are used in manufacturing, processing, conversion, job-work, assembling, packing or captive generation of power“ after the words and signs “of Schedule-II” in Section No 3(4)(ii).
Thus, the amended Section 3(4)(ii) is as follows-
“(4) Notwithstanding anything contained in sub-sections (1), (2) or (3), no tax under this section shall be levied-…….
(ii) in respect of the goods on which Value Added Tax has been paid or has become payable to the State, except goods specified at Sr. Nos. 1(a) of Schedule-II when such goods are used in manufacturing, processing, conversion, job-work, assembling, packing or captive generation of power.”
- Section 8 of the HP Entry Tax Act (Set off in certain cases)
Insertion of proviso after sub-section 2 of section 8 as follows-
“Provided that no set off shall be available on goods mentioned at serial No.1(a) of Schedule-II when such goods are used in manufacturing, processing, conversion, job-work, assembling, packing or captive generation of power.”
Thus, with effect of this amendment no Set off shall be available for Diesel and Lubricants when it is used for manufacturing, processing, conversion, job-work, assembling, packing or captive generation of power.
Further the Government has also repealed the Himachal Pradesh Tax on Entry of Goods into Local Area (Second Amendment) Ordinance, 2016. Furthermore, it shall be deemed that the said Act has come into force on September 1, 2016.
Read more at: http://www.a2ztaxcorp.com/wp-content/uploads/2016/12/BILL-NO.-24-OF-2016-HP-VAT.docx
- Circular: Uttar Pradesh VAT:
Extension in last date for Filing Annual Return in Form 52, 52A, 52B for the F.Y. 2015-16 upto January 31, 2017
The Uttar Pradesh Government vide Circular No. 3344/1617054 dated December 29, 2016 has extended the last date of filing Annual Return for the year 2015-16 in Form 52, 52A, 52B upto January 31, 2017.
Read more at: http://comtax.up.nic.in/Circulars/2016-17/Circular_no_1617054.pdf
- Public Notice: FTP:
Procedure for claiming Duty Credit Scrips for shipments where Let Export Order date is upto March 31, 2015 but date of export is on or after April 1, 2015
In terms of Chapter 3 of Foreign Trade Policy (“FTP”) 2009-14 eligibility for claiming Duty Credit Scrips was determined on the basis of Date of export (“DOE”) i.e. if date of export is after March 31, 2015 than it would be ineligible for Chapter -3 benefit under FTP 2009-14
Further, as per Chapter No. 3 of New FTP 2015-20, the eligibility is decided on the basis of Let Exporter Order (“LEO”) i.e. LEO date must be on or after April 1, 2015 for claiming duty credit scrips under FTP 2015-20.
Thus, various questions and concern are raised regarding the shipments where LEO date is prior to March 31, 2015 but DOE is on or after April 1, 2015.
Now, the Directorate General of Foreign Trade vide Public Notice No. 48/2015-2020 dated December 29, 2016 has notified the Procedure for claiming Duty Credit Scrips under Chapter 3 of FTP 2009-14 for shipments where LEO date is upto March 31, 2015 but date of export is on or after April 1, 2015. If LEO date is prior to March 31, 2015 but the DOE is on or after April 1, 2015 than LEO shall be deemed to be DOE.
Further, it has also been stated that no late fee shall be applicable on applications filed on or before March 31, 2017 but application filed after such date will be subject to late fee.
Read more at: http://dgft.gov.in/Exim/2000/PN/PN16/PN4816_English.pdf