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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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CERTIFICATION WORK

Exporters Certificate

Financial fitness certificates

Certification service under various statutes

Service tax & Central excise tax registration in Cochin - 4.3 out of 5 based on 12 reviews

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Service Tax Registration in Cochin Kerala

 

Service tax /Central excise

Obtaining Registration

Filing service tax returns online

Service tax payments

Tax representation

Appeals

IMPORT- EXPORT REGISTRATION SERVICES in Cochin Kerala - 4.2 out of 5 based on 21 reviews

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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.

Sales tax (KVAT/CST/KGST) - 4.4 out of 5 based on 11 reviews

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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.