Western India Regional Council of
The Institute of Chartered Accountants Of India

Law Update Details

 
February 2019 CA. Kishor R. Gheewala
 

(A) VAT Audit/ Annual Return

1. The Joint Commissioner (Legal) had, vide his letter Dt. 7/12/2018, opined & clarified to the Gujarat Sales Tax Bar Association, in respect of liability for VAT Audit for the period 1/4/2017 to 30/6/2017 as under,

a. If Total Turnover is more than Rs.1 Crore & Taxable Turnover is Exceeding Rs. 20 Lacs, or
b. If the Taxable Turnover is more than Rs. 25 Lacs or,
c. If the amount of Tax Credit carried forward as on 30/6/2017 is more than Rs. 5 Lacs
This clarification had created lots of ripples in the Trade & Industry.
2. Accordingly, the Deputy Commissioner Legal has, vide his Letter Dt. 28/12/2018, clarified to the Gujarat Sales Tax Bar Association, in respect of liability for VAT Audit for the period 1/4/2017 to 30/6/2017 as under,
a. If Total Turnover is more than Rs.1 Crore & Taxable Turnover is Exceeding Rs. 20 Lacs, or
b. If the amount of Tax Credit carried forward as on 30/6/2017 is more than Rs.5 Lacs
3. Vide Public Circular No. GUJKA/Vat-15/18-19/otw.212/183, Dt. 8th January, 2019, Time Limit for filing Annual Return in Form 205 for F.Y.2017-2018, is extended upto 31/1/2019.
4. Vide Public Circular No. GUJKA/Vat-17-C/18-19/otw.213/184, Dt. 8th January, 2019, Time Limit for obtaining & Submission of Vat Audit Report in Form 217 for F.Y .2017-2018, is extended upto 31/1/2019.

(B) Guj. High Court Judgements
1. Godrej Consumer Product Ltd. vs. State of Gujarat [SCA No. 12172 of 2018 Dt. 12/10/2018] [2018-VIL-500-GUJ]

The Hon’ble Gujarat High Court has held that unless the Department has questioned the Order of Determination passed by the Commissioner, it would blind the Department in relation to other assessees also.

2. Willwood Chemicals Pvt. Ltd. vs. Union of India, SCA No. 4252 of 2018, Order Dt. 12th/19th September, 2018.

Hon’ble Gujarat High Court has held that the Time limit contained in Rule 117 of CGST Rules, in respect of submission of Form Trans-1, for seeking Credit of Closing Stock as on 30/6/2017, is not ultra vires.

 

© Copyright 2019, Website Designed & Developed By : General Data P. Limited