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HIGHLIGHTS OF DVAT (4 th Amendment)Act,2012

HIGHLIGHTS OF DVAT (4 th Amendment)Act,2012. CA VIJAY KUMAR GUPTA vijayguptaca104@yahoo.com. HIGHLIGHTS OF DVAT(4 th AMENDMENT ACT,2012) . Passed by the Delhi assembly on 13-12-2012 Received assent of LG on 24-12-2012 Applicable wef 16-01-2013.

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HIGHLIGHTS OF DVAT (4 th Amendment)Act,2012

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  1. HIGHLIGHTS OF DVAT (4th Amendment)Act,2012 CA VIJAY KUMAR GUPTA vijayguptaca104@yahoo.com

  2. HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Passed by the Delhi assembly on 13-12-2012 Received assent of LG on 24-12-2012 Applicable wef 16-01-2013 By CA Vijay Kumar Gupta

  3. HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Amendment in the defination of sale price(Sec.2(1) clause zd(vii) Retail sale price of petrol and diesel will be treated as sale price By CA Vijay Kumar Gupta

  4. HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Amendment in Sec.36A Rate of TDS increase from 2% to 4% for payment made by any person(excluding Individual or HUF) to any contractor Uniform rate of TDS to all dealers whether registered or unregistered

  5. HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Rate of TDS on the payment by contractor to subcontractor increased from 2% to 4% Uniform rate of TDS to all dealers whether registered or unregistered By CA Vijay Kumar Gupta

  6. HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Amendment to Sec.58A Requirement of proceedings under DVAT-04 has been removed. Now, Commissioner can order Audit u/s 58A at his own will keeping in mind the nature and complexity of the business of the dealer

  7. HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Section 58(2) substituted. Fees of audit shall be determined and paid by the commissioner and his determination shall be final. By CA Vijay Kumar Gupta

  8. HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Amendment to Sec.95 For New dealers ,intimation of IEC compulsory at the time of Registration Every dealer has to intimate his existing IEC number to the Department with in 2 months i.e. 15-03-2013 If obtained subsequently, intimation with in 15 days of obtaining IEC

  9. HIGHLIGHTS OF DVAT(4th AMENDMENT ACT,2012) Failure to intimate IEC leads to penalty of 1000 per week subject to a maximum of 50000/-Sec.95(4) By CA Vijay Kumar Gupta

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