APPLICABILITY OF NEWLY NOTIFIED FORMS DVAT-16 AND DVAT-17

Circular No.  06/201 3-14

Date: 17^th July 2013

The Government vide notification no. F.3(4)/Fin.(Rev.-I)/201 3-1 4/DSVI/51 9 dated 09.07.2013 has notified revised forms DVAT-16 and DVAT-17. A number of queries are pouring in from various professionals and Trade Associations regarding the quarter from which these forms will be applicable, since the relevant details required in revised forms may not have been maintained by dealers.

In view of the fact that the said notification came into force on the date of publication in the Delhi Gazette i.e. on 09.07.2013 and by that time, the period of first quarter of 2013-14 had already concluded, it is clarified that the said amended forms DVAT-16 and DVAT-17 would be applicable from the return of second quarter of 2013-14.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in

FILLING OF ONLINE RETURN FOR THE FIRST QUARTER 2013-14

Circular No: Vat/2011/502-508

Date: 25^th July 2013

In order to facilitate the online DVAT/CST returns , in exercise of the powers conferred under Rule 49A of the DVAT Rules, 2005, the last date of filling of  return, excluding Annexure 2C and Annexure 2D, for the quarter ending 30.06.2013 for dealers, including composition dealers, shall be as per schedule  given below:-

Last date of filling of online return	Last date of filling hardcopy of return
07.08.2013	10.08.2013

Further the last date for filling Annexure 2C and Annexure 2D forming part of return in form DVAT-16 pertaining to 1^st quarter 2013-14, is hereby extended as per schedule given below :-

Last date of filling Annexure 2C and Annexure 2D online	Last date of filling hardcopy of Annexure 2C and Annexure 2D
07.09.2013	10.09.2013

However, the tax due for the above mentioned period shall be deposited as per the provisions of section 3(4) of the DVAT act, 2004. Penalty and interest on late deposit of tax due shall be imposed as applicable. 

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in 

AUDIT OF DEALERS

Circular No: Vat Audit/2013-14/2967-2974

Date: 25^th July 2013

The officers of Wards (Zones I-X) have been assigned the work of conducting audit of the business affairs of dealers u/s 58 of DVAT Act, 2004 for the years 2009-10 to 2012-13 based on the risk profile of the dealers. In this regard, attention is drawn towards this office Circular No.V AT AUDITIHQ/2013-14/2406-2413 dated 02.07.2013 & 2601-2608 dated 09.07.2013.

In this regard, it is further clarified that in the first instance, the concerned authorities shall undertake audit for the FY 2012-13, of all the dealers who have been shortlisted on the basis of risk profile. 'However, since the dealers whose turnover exceeded Rs.10 Cr during the year 2012-13 will be required to file audit report in Form AR-l upto 15/11/2013, the audit of such dealers for the FY 2011-12 only shall be undertaken first.

It is further clarified that audit for the balance three Financial Years shall be undertaken with prior approval of the concerned Zonal Incharge, only in the cases where significant deficiencies are noticed during the audit of the FY 2011-12 or 2012-13, whichever year is taken up for audit of the dealers first.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in

INCOME TAX RETURN FILING DATE EXTENDED FOR ASSESSES RESIDING IN UTTARAKHAND

Date: 23^rd July 2013

Considering the large- scale devastation due to recent natural calamity in the State of Uttarakhand, CBDT hereby extends the due date for filling Returns of income required to be furnished by 31^st July , 2013 to 31^st October, 2013, in respect of income tax assesses residing or assessed in the state of Uttarakhand.   

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in

FILLING INFORMATION IN FORM T-2

Notification: Vat/2012/530-541

Date: 29^th July 2013

Form T-2 was prescribed for dealers (except the dealers exclusively dealing in tax free goods) whose gross turnover exceeded Rs. 10 crore during the year 2011-12 or any future date on which the dealer attains the lower limit of GTO of Rs. 10 Cr., vide notification No. F.7(433)/Policy-111VAT/2012/180-1'90 dated 17.05.2013 to file online information on the goods being imported, but before entry of such goods, into the Territory of Delhi;

However, during implementation of the said notification, concerned stakeholders have made several representations expressing difficulties  in the procedure of filling the T-2 form in the manner notified. Hence, to improve the process of seeking of information regarding receipt of goods, suggestions are invited from all dealers till 30/09/2013 on how to streamline the process of filing of information in Form T-2 by all VAT dealers, before the goods enter the territory of Delhi.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in

SIMPLIFYING NORMS FOR PERIODICAL UPDATION OF KYC

Notification No: RBI/2013-14/161

Date: 25^th July 2013

Please refer to paragraph 4 of our circular RPCD.CO.RRB.No.BC. 50/03.05.33(E)/2007-08 dated February 27, 2008 and RPCD.CO.RF.AML.BC.No. 51/07.40.00/2007-08 dated February 28, 2008 on Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT) which states that “Banks should introduce a system of periodical updation of customer identification data (including photograph/s) after the account is opened. The periodicity of such updation should not be less than once in five years in the case of low risk category customers and not less than once in two years in case of high and medium risk categories”.

The issue has been reviewed in the light of practical difficulties/constraints expressed by bankers/customers in obtaining/submitting fresh KYC documents at frequent intervals as the relative documents submitted earlier specially by low-risk customers have remained unchanged in most of the accounts. Accordingly, based on the suggestions received, it has been decided to amend the instructions as under:

a) Banks would need to continue to carry out on-going due diligence with respect to the business relationship with every client and closely examine the transactions in order to ensure that they are consistent with their knowledge of the client, his business and risk profile and, wherever necessary, the source of funds.

b) Full KYC exercise will be required to be done at least every two years for high risk individuals and entities.

c) Full KYC exercise will be required to be done at least every ten years for low risk and at least every eight years for medium risk individuals and entities.

d) Positive confirmation (obtaining KYC related updates through e-mail/letter/telephonic conversation/forms/interviews/visits, etc.), will be required to be completed at least every two years for medium risk and at least every three years for low risk individuals and entities.

e) Fresh photographs will be required to be obtained from minor customer on becoming major.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in

Applicable excise duty on Sedan cars like Maruti SX4, Honda Civic, Toyota Corolla Altis 

Circular No. 972/06/2013.CX

Date: 24/07/2013

Ques whether the excise duty of 30% is applicable on sedan cars likeMaruti SX4, Honda Civic and Toyota Corolla Altis.

Ans In the Budget 2013-14,   excise duty was increased from 27% to 30% on motor vehicles of engine capacity exceeding 1500 cc, popularly known as Sports Utility Vehicles (SUVs) including utility vehicles. In the Explanation appended at Sl. No.  284A of the  aforecited  notification,  it has been mentioned that for the purposes  of this entry,  SUV  includes a  motor vehicle  of length exceeding 4000 mm and having ground clearance of 170 mm and  above. From this,   it may be seen that the higher excise duty of 30% is applicable on motor vehicles which are popularly known as SUVs and which satisfy all the three conditions, viz. (i)  the engine capacity exceeds 1500 cc, (ii) the length  exceeds  4000 mm; and (iii) the ground clearance is 170 mm and above. Maruti SX4, Honda Civic and Toyota Corolla Altis are stated to satisfy all the three conditions but, they are not popularly known as SUVs and neither are they known so in trade parlance. They are reportedly known as sedans in trade and common parlance.

In view of the above, it is clarified that the aforecited motor vehicles, which are known as sedans, will attract the excise duty of 27% as applicable  to large segment cars.[Sl.No. 284 (ii) of the Table in notification ibid]

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in

SUBMISSION OF FORM DP-1

Notification No: F.3(352)/Policy/VAT/2013/490-501

Dated :25.07.2013

In partial modification of Notification No.F.3(352)/Policy/VAT/2013/231-241 dated 28.05.2013, No.F.3(352)/Policy/VAT/2013/314-324 dated 20.06.2013 and No.F.3(352)/Policy/VAT/2013/371-382 dated 05.07.2013 regarding submission of information online in Form DP-1, it is herby notify that the Form DP-1 shall be submitted online by all the dealers latest by 26.08.2013.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in

CIRCULAR REGARDING APPLICABILITY OF NEWLY NOTIFIED FORMS DVAT-16 AND DVAT-17

The Government vide notification no. F.3(4)/Fin.(Rev.-I)/2013-14/DSVI/519 dated 09.07.2013 has notified revised forms DVAT-16 and DVAT-17. A number of queries are pouring in from various professionals and Trade Associations regarding the quarter from which these forms will be applicable, since the relevant details required in revised forms may not have been maintained by dealers.

It is clarified that the said amended forms DVAT-16 and DVAT-17 would be applicable from the return of second quarter of 2013-14.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in

DVAT ONLINE RETURN DATE FOR THE FIRST QUARTER 2013-14 HAS BEEN EXTENDED

Circular No: 7 of 2013-14

Dated: 25.07.2013

Last date of filing of return, excluding Annexure 2C and Annexure 2D, for the quarter ending 30.06.2013 for dealers, including composition dealers, shall be as per schedule given below:-

Last date of filing of online return	Last date of filing hardcopy of return
07.08.2013	10.08.2013

Further, the last date for filing Annexure 2C and Annexure 2D forming part of return in Form DVAT-16 pertaining to 1st quarter 2013-14, is hereby extended as per Schedule given below:-

Last date of filing of Annexure 2C and Annexure 2D online	Last date of filing hardcopy of Annexure 2C and Annexure 2D
07.09.2013	10.09.2013

However, the tax due for the above mentioned period shall be deposited as per the provisions of Section 3(4) of the DVAT Act, 2004. Penalty and interest on late deposit of tax due shall be imposed as applicable.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in