#Vat d1 form purpose registration
#Vat d1 form purpose free

The scheme of issuance of REP Licenses (Replenishment licenses) was in vogue till around six years back.

#Vat d1 form purpose free

Idea behind all the schemes is to make exports free from the impact of excise duties paid on domestic inputs. Thus, the move of Haryana cabinet on the issue is not very clear.Д«efore analyzing the above judgements and their impact, let us first look at various export benefit schemes provided to the exporters. In view of the judgement of HonвЂ™ble Tax Tribunal of Haryana, the question of rate of tax on DEPB does not arise. The Haryana State Cabinet approved proposal of Excise and Taxation Department Haryana on 7 th January 2004 to amend Section 61 of Haryana Value Added Tax Act, 2003 to reduce tax rate on DEPB under Haryana General Sales Tax Act. In the case of KMA Finished leather private Limited, HonвЂ™ble Madras High Court held that вЂ Duty drawbackвЂ™ availed of by the exporter dealer is not goods and should not be subject to tax as goods. In the case of Philco Exports, HonвЂ™ble Delhi High Court held that вЂDEPBвЂ™ as goods and upheld the right of the State of Delhi to tax this. Earlier, HonвЂ™ble Supreme Court of India, in the case of Vikas Sales Corporation had held that вЂREP licensesвЂ™ are goods and are chargeable to tax under the State sales tax Act. HonвЂ™ble Haryana Tax Tribunal in its judgement in the case of Sadhu Overseas, Faridabad Vs State of Haryana has held that DEPB is not вЂGoodsвЂ™ and are not chargeable to tax under the provisions of Haryana General Sales Tax Act, 1973. Whether DEPB is eligible goods under Central Sales Tax Act, 1956 for charging of lower rate of tax? Whether form C under CST Act can be issued for purchase of DEPB? Whether Tax invoice can be issued by seller of DEPB in the State of Haryana under Haryana Value Added Tax Act, 2003? And Whether a buyer registered dealer of DEPB avail the input tax credit of tax paid on such purchase? DEPB was earlier decided as taxable goods liable to tax by Delhi High Court. The case of Sadhu Overseas, Faridabad Vs State of Haryana decided by Haryana Tax Tribunal on 21.10.03 has held DEPB as equal to money and thus not goods taxable under HGST Act, 1973.

Your business will remain liable for any outstanding VAT debts while it was registered as a vendor.By Sanjeev Malhotra, F.C.A, F.C.S, A.I.C.W.A. You must notify South African Revenue Service (SARS) within 21 days of discontinuing your business.

#Vat d1 form purpose registration

Your VAT registration will only be cancelled if the Commissioner is satisfied that your taxable supplies do not exceed R1 million or that you have discontinued the business.

You may apply to cancel your Value Added Tax (VAT) registration if the value of taxable supplies falls below the limit of R1 million, or if all business activities have stopped. There is a limited range of goods and services which are subject to VAT at the zero rate or are exempt from VAT. VAT is levied at a standard rate of 15% on the supply of goods and services by registered vendors. Submit the registration form to your local SARS branch within 21 days from date of exceedingВ R1 million.

VAT is an indirect tax on the consumption of goods and services in the economy. You must register your business for Value Added Tax (VAT) if the total value of taxable goods or services is more than R1 million in a 12-month period, or is expected to exceed this amount.ДЄ business may also register voluntarily if the income earned in the past 12-month period exceeded R50В 000.