GST India Solution

Ask a Query

Client Login

Welcome GST India Solution

52. Claim and grant of set-off in respect of purchases made in the periods commencing on or after the appointed day. M. VAT RULES

52. Claim and grant of set-off in respect of purchases made in the periods commencing on or after the appointed day. –

(1) In assessing the amount of tax payable in respect of any period starting on or after the appointed day, by a registered dealer (hereinafter, in this rule, referred to as “ the claimant dealer”) the Commissioner shall in respect of the purchases of goods made by the claimant dealer on or after the appointed day, grant him a set-off of the aggregate of the following sums, that is to say,-

(a)the sum collected separately from the claimant dealer by the other registered dealer by way of sales tax on the purchases made by the claimant dealer from the said registered dealer of goods being capital assets and goods the purchases of which are debited to the profit and loss account, trading goods, raw materials, parts, components, spares, packing materials and fuel,

( For the above sub-rule(1) clause (a) the following clause (a) is substituted w.e.f. 01.04.2005 by Notification No. STR-1506/CR-38/Taxation-1 Dt. 08.09.2006)

(a) the sum collected separately from the claimant dealer by the other registered dealer by way of tax on the purchases made by the claimant dealer from the said registered dealer of goods being capital assets and goods the purchases of which are debited to the profit and loss account or, as the case may be, the trading account

(b) tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Motor Vehicles into Local Areas Act, 1987, and

(c) the tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Goods into Local Areas Act, 2003.

(2) The set-off under this rule shall not be granted in regard to any quantum of tax if set-off under rule 51 has been claimed in respect of the same quantum of tax or if set-off has been claimed in respect of the said quantum under any earlier law.

(3) The Commissioner shall, in respect of the purchases of drugs specified in sub-entry (a) of entry 29 of schedule ‘C’ held in stock at the close of business on the 30^th June 2007 by the claimant dealer, grant him a set-off as per the following formula, namely,-

Maximum Retail price X 4 / 104

Provided that the claimant dealer shall not be entitled to claim set-off under this sub-rule unless he files a stock statement with the registering authority in the format appended hereto on or before the 31^st August 2007.

Explanation - For the purposes of this sub-rule “maximum retail price” shall mean,-

1) the sum of maximum retail price and sales tax, where it is separately charged in the invoice ; and

2) in any other case, the maximum retail price inclusive of sales tax.”

Format

Details of goods held in stock as at the close of business on 30^th June 2007 as specified in sub-entry (a) of entry 29 of schedule ’C’ appended to the Maharashtra Value Added Tax Act, 2002.

Sr. No.	Date of purchase	Description of goods	Actual purchase price	M.R.P. (In Rs.)
				Maximum Retail price	Tax (if charged separately in invoice)
1	2	3	4	5	6

			Total . .

( In the above rule 52 after sub-rule (2), sub-rule (3) is inserted by Notification No. VAT 1507/CR-58/Taxation -1 Dt. 11.07.07 )

GST RATES FINDER GST ACTS BOOK (DECODING GST) GST RULES GST PROVISIONAL REGISTRATION MODEL GST LAW LEVY OF TAX

Latest Articles

<--

WHAT IS GST?

GST i.e.Goods and Service Tax is a unified tax that replaces several indirect taxesleviedby the Central Government and the State Government(s)....

-->

BASIS OF CHARGE OF GST- SUPPLY

In pre-GST regime, goodswere liable to: (i) Excise Duty- on manufacture of goods; (ii) VAT/CST- on sale of goods; (iii) Entry tax- on ...

WHO IS LIABLE TO PAY TAX

GST is levied on every taxable person. Taxable person means a person who carries on any business at any place in India. Such . ..

WHAT IS TAXED UNDER GST

GST is a unified tax which is levied on: (i) goods; (ii) services and (iii) a mix of goods and/or services. Any supply of goods or services . .. ...

Who We Are

GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .