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- Category: Services
VAT in Kerala
VAT a modern method of imposing tax on sale or purchase of commodities and services have been successfully experimented by more than 130 countries in the World. The common belief is that France was the first country in the world to have adopted VAT system in 1954. A minority, consider Brazil to be first nation to have introduced VAT in 1960. In India, change over to VAT system suggested by Dr. Man Mohan Singh while he was the union finance minister in the annual budget during 1993-94. Our neighbors China, Pakistan and Srilanka implemented VAT long back.
National Institute of Public Finance and Policy (NIPFP), New Delhi conducted studies on the system of VAT to be implemented in the country. An Empowered Committee consisting of the Finance Ministers of various states was formed to formulate the modalities of VAT in India. This committee chaired by Dr. Asim Das Gupta, Finance Minister of West Bengal came out with a white paper on the VAT in India, on January 17th 2005. The white paper detailed the general principles of VAT to be followed in the country. In India VAT would not be made applicable on services rendered and received. In tune with the guidelines of the empowered committee majority of the states including Kerala have enacted the VAT legislation suited for the respective states. Hariyana was the first Indian state to have implemented VAT. Reports indicate that Hariyana recorded a hike to the tune of 30% tax collection during the past 3 years.
There are three different methods for imposing VAT
(a) Subtraction Method
In this method for calculating VAT, the expenses incurred for the manufacture and marketing of a commodity would be subtracted from the end price of the commodity.
(b) Addition Method
In this method for calculating VAT, the expenses incurred for the manufacture and marketing of a commodity would be added on. In calculating VAT, under this method expenses like wages, interest, rent and profit would taken into account.
(c) Input Tax Credit Method
It is an amended format of the Subtraction Method. This method has been followed by most of the countries in the world. In India, Input Tax Credit Method is to be followed for implementing VAT.
This is because of the fact that Input Tax Credit Method is the best and the most, easy method in calculating VAT.
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- Category: Services
CERTIFICATION WORK
Exporters Certificate
Financial fitness certificates
Certification service under various statutes
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- Category: Services
Service Tax Registration in Cochin Kerala
Service tax /Central excise
Obtaining Registration
Filing service tax returns online
Service tax payments
Tax representation
Appeals
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- Category: Services
IMPORT- EXPORT REGISTRATION SERVICES IN COHIN KERALA
IE Code MAKING
RBI Clearance CERTIFICATE
Other import/export formalities
Assisting in various claims and reliefs with appropriate authorities
Issuing certificates to be submitted to various authorities
Assistance in obtaining licenses
Importer Exporter Code Number
Definition of IEC Code
IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies.
Full form of IEC Code
Full From of IEC Code is : “Importer Exporter Code ”. To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number.
IEC Code No Notification
Directorate General of Foreign Trade(DGFT) issued a Policy Circular No.15 (RE-2006)/2004-2009 Date: 27th July, 2006) for New System for issuance of Importer-Exporter Code Number.
Eligibility, Legal Provisions and Conditions for IEC Code Number
Eligibility condition and Legal Provisions are given for IEC Code Number Application in Foreign Trade (Regulation) Rules, 1993 Ministry of Commerce, and Notification No. GSR 791 (E), dated 30-12-1993.
Application for Grant of IEC Number
An application for grant of IEC number shall be made by the Registered/Head Office of the applicant and apply to the nearest Regional Authority of Directorate General Foreign Trade, the Registered office in case of company and Head office in case of others, falls in the ‘Aayaat Niryaat Form - ANF2A’ and shall be accompanied by documents prescribed therein. In case of STPI/ EHTP/ BTP units, the Regional Offices of the DGFT having jurisdiction over the district in which the Registered/ Head Office of the STPI unit is located shall issue or amend the IECs.
Only one IEC would be issued against a single PAN number. Any proprietor can have only one IEC number and in case there are more than one IECs allotted to a proprietor, the same may be surrendered to the Regional Office for cancellation.
IEC Code Online Application Form
The application can be download Form in PDF or Word. This is called "Aayaat Niryaat Form - ANF2A". Along with IEC Code Number Application Form it is necessary to submit
Appendix-18B Attested by Applicant's Banker in his letter head with two passport size photo).
List Of Regional Authorities Of DGFT And The Corresponding Office of Reserve Bank Of India, Exchange Control Department
You can find the list of Foreign Exchange Control Department of the RBI as given in
Appendix-18D.
Validity of IEC Code No
An IEC number allotted to an applicant shall be valid for all its branches/divisions/units/factories as indicated in the format of IEC given in
Appendix- 18B.
Duplicate Copy of IEC Number
Where an IEC Number is lost or misplaced, the issuing authority may consider requests for grant of a duplicate copy of IEC number, if accompanied by an affidavit.
Surrender of IEC Number
If an IEC holder does not wish to operate the allotted IEC number, he may surrender the same by informing the issuing authority. On receipt of such intimation, the issuing authority shall immediately cancel the same and electronically transmit it to DGFT for onward transmission to the Customs and Regional Authorities.
Application Fee For IEC Code Number
Application Fee : Rs 250.00
Specified fee shall be paid for making an application under any provision of the
Policy and Handbook of Procedure Volume-I.. The scale of fee, mode of payment, procedure for refund of fee and the categories of persons exempted from the payment of fee are contained in Appendix-21B.
Territorial Jurisdiction of Regional Authorities
Every application, unless otherwise specified, shall be submitted to the Regional Authority of Directorate General Foreign Trade, as per the territorial jurisdiction of the Regional authorities indicated in
Policy and Handbook of Procedure Volume-I.
Filing of Application
Application can be filed online in DGFT website, details of online links are given below.
Every application for an Import/Export licence/ certificate/ Authorisation/ permission or any other purpose should be complete in all respects as required under the relevant provisions of the Policy/Procedures and shall be signed by the applicant as defined in
paragraph 9.9 of the Policy. An incomplete application is liable to be rejected giving specific reason for rejection. However in case of manual applications, the applicant would furnish a soft copy of the application in MS word format.
Profile of Importer/ Exporter
Each Importer/Exporter shall be required to file importer/ exporter profile once with the Regional Authority in Part 1 of ‘Aayaat Niryaat Form - ANF2A’. Regional Authority shall enter the information furnished in Part 1 of ‘Aayaat Niryaat Form ANF-2A’ in their database so as to dispense with the need for asking the repetitive information. In case of any change in the information given in Part 1 of ‘Aayaat Niryaat Form ANF-2A’, importer/exporter shall intimate the same to the Regional Authority.
Self Addressed Stamped Envelope
The applicant shall furnish a self addressed envelope of 40 x 15 cm with postal stamp affixed on the envelope as follows for all documents required to be sent by Speed Post:
a
Within local area Rs. 20.00
b Up to 200 Kms. Rs. 25.00
c Between 200 to 1000 Kms Rs. 30.00
d Beyond 1000 Kms. Rs. 50.00
IEC No: Exempted Categories
The following categories of importers or exporters are exempted from obtaining Importer - Exporter Code (IEC) number:
Importers covered by clause 3 (1) [except sub-clauses (e) and (l)] and exporters covered by clause 3(2) [except sub-clauses (i) and (k)] of the Foreign Trade (Exemption from application of Rules in certain cases) Order, 1993.
Ministries/Departments of the Central or State Government.
Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture.
Persons importing/exporting goods from/to Nepal provided the CIF value of a single consignment does not exceed Indian Rs.25,000.
Persons importing/exporting goods from/to Myanmar through Indo-Myanmar border areas provided the CIF value of a single consignment does not exceed Indian Rs.25,000.
However, the exemption from obtaining Importer-Exporter Code (IEC) number shall not be applicable for the export of Special Chemicals, Organisms, Materials, Equipments and Technologies (SCOMET) as listed in Appendix- 3, Schedule 2 of the ITC(HS) except in the case of exports by category(ii) above.
The following permanent IEC numbers shall be used by the categories of importers/ exporters mentioned against them for import/ export purposes..
S.No Code Number Categories of Importers / Exporters
1 0100000011 All Ministries / Departments of Central Government and agencies
wholly or partially owned by them.
2 0100000029 All Ministries / Departments of any State Government and agencies
wholly or partially owned by them.
3 0100000037 Diplomatic personnel, Counselor officers in India and officials of
UNO and its specialised agencies.
4 0100000045 Indians returning from / going abroad and claiming benefit under
Baggage Rules.
5 0100000053 Persons / Institutions / Hospitals importing or exporting goods for
personnel use, not connected with trade or manufacture or agriculture.
6 0100000061 Persons importing / exporting goods from /to Nepal
7 0100000070 Persons importing / exporting goods from /to Myanmar through
Indo-Myanmar border areas
8 0100000088 Ford Foundation
9 0100000096 Importers importing goods for display or use
in fairs / exhibitions or similar
events under provisions of ATA carnet This IEC number can also be used
by
importers importing for exhibitions/fairs as per Para 2.29 of HBPv1.
10 0100000100 Director, National Blood Group Reference Laboratory, Bombay or their
authorized offices.
11 0100000126 Individuals / Charitable Institution /Registered NGOs importing
goods,
which have been exempted from Customs duty under Notification issued by
Ministry of Finance for bonafide use by victims affected by natural
calamity.
12 0100000134 Persons importing / exporting permissible
goods as notified from time to time, from / to China through Gunji,
Namgaya Shipkila and Nathula ports,
subject to value ceilings of single consignment as given in Para 2.8(iv)
above.
13 0100000169 Non-commercial imports and exports by entities who have been
authorized by Reserve Bank of India.
Note: Commercial Public Sector Undertaking (PSU) who have obtained PAN will however be required to obtain Importer Exporter Code number. The permanent IEC number as mentioned above, shall be used by non-commercial PSUs.
Guidelines for Application of IEC Code Number.
Mandatory Requirements to apply for IEC Code Number
PAN Number
Current Bank Account
Bankers Certificate
IEC Code Number
Application Fee
Rs 250.00
(Expert TIP : Pay via EFT (Electronic Fund Transfer ), and submit IEC Online Application form, If you wish to receive IEC Number instantly)
The physical application containing required documents should reach DGFT RLA concerned within 15 days of its online submission.
E-mail is not mandatory. If it is provided it will facilitate faster communication.
Check List of Documents to apply for IEC Code
Covering Letter on your company's letter head for issue of new IEC Code Number.
Two copies of the application in prescribed format (
Aayaat Niryaat Form ANF 2A
) must be submitted to your regional Jt.DGFT Office.
Each individual page of the application has to be signed by the applicant.
Part 1 & Part 4 has to be filled in by all applicants. In case of applications submitted electronically.
No hard copies of Part 1 may be submitted. However in cases where applications are submitted otherwise, hard copy of Part 1has to be submitted.
Only relevant portions of Part 2 need to be filled in.
Rs 250.00 Bank Receipt (in duplicate)/Demand Draft/EFT details evidencing payment of application fee in terms of
Appendix 21B.
Certificate from the Banker of the applicant firm in the format given in
Appendix 18A.
Self certified copy of PAN issuing letter or PAN (Permanent Account Number) Card issued by Income Tax Authority.
Two copies of passport size photographs of the applicant duly attested by the Banker of the applicant.
Self addresses envelope with Rs.25/- postal stamp for delivery of IEC certificate by registered post or challan/DD of Rs.100/- for speed post.
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- Category: Services
KVAT Consultant in Cochin, Kerala
Obtaining Registration under KVAT/CST/Works contract
Filing KVAT/CST/Works contract Monthly/quarterly/Annual returns
Compounding procedure
Obtaining liability certificate(WCT)
Obtaining certificate for non-deduction/collection of tax in WCT
Issues of Check-post detention of goods
Solving issues with intelligence wing of Commercial Tax Dept
Appeals upto tribunal
Tax representation
Tax planning
Regular opinion and consultation
Sales Tax assessment
VAT in Kerala
VAT a modern method of imposing tax on sale or purchase of commodities and services have been successfully experimented by more than 130 countries in the World. The common belief is that France was the first country in the world to have adopted VAT system in 1954. A minority, consider Brazil to be first nation to have introduced VAT in 1960. In India, change over to VAT system suggested by Dr. Man Mohan Singh while he was the union finance minister in the annual budget during 1993-94. Our neighbors China, Pakistan and Srilanka implemented VAT long back.
National Institute of Public Finance and Policy (NIPFP), New Delhi conducted studies on the system of VAT to be implemented in the country. An Empowered Committee consisting of the Finance Ministers of various states was formed to formulate the modalities of VAT in India. This committee chaired by Dr. Asim Das Gupta, Finance Minister of West Bengal came out with a white paper on the VAT in India, on January 17th 2005. The white paper detailed the general principles of VAT to be followed in the country. In India VAT would not be made applicable on services rendered and received. In tune with the guidelines of the empowered committee majority of the states including Kerala have enacted the VAT legislation suited for the respective states. Hariyana was the first Indian state to have implemented VAT. Reports indicate that Hariyana recorded a hike to the tune of 30% tax collection during the past 3 years.
There are three different methods for imposing VAT
(a) Subtraction Method
In this method for calculating VAT, the expenses incurred for the manufacture and marketing of a commodity would be subtracted from the end price of the commodity.
(b) Addition Method
In this method for calculating VAT, the expenses incurred for the manufacture and marketing of a commodity would be added on. In calculating VAT, under this method expenses like wages, interest, rent and profit would taken into account.
(c) Input Tax Credit Method
It is an amended format of the Subtraction Method. This method has been followed by most of the countries in the world. In India, Input Tax Credit Method is to be followed for implementing VAT.
This is because of the fact that Input Tax Credit Method is the best and the most, easy method in calculating VAT.