TMI BlogDVAT ACT – Another BlowX X X X Extracts X X X X X X X X Extracts X X X X ..... DVAT ACT – Another Blow - By: - Rahul Jain - Value Added Tax - VAT and CST - Dated:- 4-7-2012 - - Within days of amending the DVAT Act regarding non-eligibility of full Input Tax Credit on Central Sales (Concessional Rate of Tax), the DVAT department is out with another blow for dealer registered under Delhi VAT Act . Vide Circular No. 05 dated 29-06-2012 , it has become mandatory to fill o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nline (www.dvat.gov.in) details of the C/ F Form received, missing forms and tax paid in lieu of missing C Forms for the period 2009-10 and 2010-11 . What is most disheartening is that the above information is to be furnished on or before 20-07-12 Para 5 of the circular states that default assessment will be framed only to the extent of missing and unverified central declaration forms in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of which due tax and interest has not been deposited by the dealers It means if a dealer has not received forms for the year 2009-10 2010-11 from his customer yet, he will have to deposit the tax along with interest by 20 th July 2012. Para 6 of the circular states that in cases where no information is furnished online, it will be presumed, that no Central Declaration Forms hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e been submitted . and such cases will be assessed on priority basis For future, it may be treated as a positive step from the DVAT department, as it will be convenient to file DVAT-51 online. However, it has also created undue pressures who have not received the C/F form for the year 2009-10 and 2010-11 yet. Such persons have been left with no choice. Either they will have to arrange the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orms from their buyer before the very near deadline or they would have to deposit the differential tax to avoid penalty etc. Last 2 lines of Para 7 of the circular is worth noting to understand the upcoming impact of this circular: kindly file the requisite information online, positively by 20 th July 2012, so as to avoid inconvenience, adverse assessment and Penalty at a later date . The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... department does not seems to provide any further extension to submit the C Forms and they have cleared themselves by closing the circular by the following line: The Said link would be disabled after 20 th July 2012 Source: rahuljainca.blogspot.com - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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