PROFESSIONAL UPDATE JANUARY 14, 2016

Period to grant Amnesty- Extended under Haryana VAT

• On 13-01-2016, the much-awaited Amnesty Scheme for recovery of dues up to 01-April-2015 has been provided for by substituting section 59A vide Notification No. Leg. 1/2016 dated 13th January 2016. The new section 59 A can be read as under:
• “59A Amnesty Scheme.-
• Notwithstanding anything to the contrary contained in this Act and rules framed thereunder, the Government may, by notification in the Official Gazette, notify amnesty scheme covering payment of tax, interest, penalty or any other dues under the Act, for the period prior to the 1st April 2015, subject to such conditions and restrictions, as may be specified therein, covering tax, rates of tax, period of limitation, interest, penalty or any other dues payable by a class of dealers or classes of dealers or all dealers.”.

The benefit of the amnesty scheme has now extended in the legislature, as prior to the substitution, the state was empowered to notify an amnesty scheme for the recovery of dues up to 01-April-2014.

• Now, with the substitution, the benefit of the amnesty scheme has been extended to the recovery of dues up to 01-April-2015.
• However, the notification granting benefit of the same to a certain class of dealers and the corresponding rules & conditions is still awaited.

Read our articles:  Top Taxation Relaxation to MSMS

Other Updates

• No denial of Cenvat credit availed on invoices issued in the name of branch offices, which were not registered [Manipal Advertising Services Pvt. Ltd. vs. C.C.E., Mangalore (2009 (10) TMI 434 – CESTAT, BANGALORE)].
• Central Government hereby appoints the 13th day of January 2016 as the date on which the provisions of sub-section (5), sub-section (6) [except with respect to the manner of administration of the Investor Education and Protection Fund] and sub-section (7) of section 125 of the said act shall come into force.
• Refunds up to Rs.5,000/- and refunds in cases where arrear demand is up to Rs.5,000/- may be issued without any adjustment of outstanding arrears under section 245 of the Act during the financial year 2015-2016.
• No service tax on advance received as earnest money for which bank guarantee of equal amount is given to the customers [Thermax Instrumentation Ltd. vs. Commissioner of Central Excise, Pune – I (2015 (12) TMI 1222 – CESTAT MUMBAI)].
• The government of India has vided its Notification F.No. 4(19)-W&M/2014 dated 14.01.2016 announced that the Sovereign Gold Bonds, 2016 will be open for subscription from 18.01.2016 to 22.01.2016.

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