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INDIRECT TAXES
PRESENTATION ON
DEFINITION
MVAT stands for Maharashtra Value Added Tax MVAT was started w.e.f. 1st April, 2005
DEFINITIONS
Manufacturers
GOODS
3.
4.
MVAT is applicable on the sale Motor Car. MVAT is not applicable on the sale Land. MVAT is not applicable on the money. MVAT is applicable on the sale computer.
SALES PRICE
Sales price[section 2(25)] an amount received/ receivable for any sale including any sum charged by seller in respect of the goods at the time of or before delivery. Sales tax, if any, charged separately shall not form a part of sale price.
Illustration:
i.
ii. iii.
Cost of 200@ `10 is ` 2000. Excise duty is Rs.200 Packing & Forwarding is Rs. 100.
Cost of 200@ Rs. 10 is Excise duty is Rs.200 Packing & Forwarding is Rs. 100 Total 2000 200 100 2300
Solution:
TURNOVER OF SALES
Turnover of sales[section 2(33)] the aggregate of the amount of sales price receive & receivable by the dealer.
The prescribed period to return goods is six month. For Example: Total sales during the month of July 2006 Rs.1,10,000 Less: Sales return out of sales made in the months of April 2006 Rs. 10,000 Total Rs.1,00,000
MANUFACTURERS
Manufacturer[section 2(15)] Manufacturing means producing, making , extracting , ornamenting , finishing. It includes processing, treating, or adapting of any goods.
Examples: 1) Cutting and Polishing of marbles is not a manufacturing. 2) Assembly of Scooter from various parts is a manufacturing.
DEALER
Dealer[section 2(8)] any person who buys or sales of the goods in the state for valuable consideration. It includes broker, commission agent, mercantile agent.
Examples: 1) Chartered Accountants is not an Dealer. 2) Sale of Confiscated rickshaw by ICICI Bank.
TYPES OF DEALER
Dealer is divided into two types:
IMPORTER
OTHERS
IMPORTER
Importer[section 2(13)] bring any good into the state or to whom any goods dispatch from any place outside the state.
Example: Mr. A of Mumbai purchased goods Mr. B of Bangalore. Here Mr. A is an importer.
1)
2)
The following conditions are to be fulfill by the dealer in order to register himself as an importer. The Value of Taxable sales or Taxable Purchase should be at least Rs. Ten Thousand (10,000). The Value of Turnover of Sales should be at least should be at least Rs. One Lac (1,00,000).
EXAMPLE
OTHERS
1)
2)
The following conditions are to be fulfill by the dealer in order to register himself as an other: The Value of Taxable sales or Taxable Purchase should be at least Rs. Ten Thousand (10,000). The Value of Turnover of Sales should be at least should be at least Rs. Five Lac (1,00,000).
EXAMPLE
SET OFF
It means to take the credit of MVAT paid on purchase of materials. Any MVAT pay on purchase of raw material shall be allowed SET OFF.
RATES OF VAT
A 0% Vegetables, eggs, milk other essential items B 1% Precious Metals, Precious Stones and their Jewellary
EXAMPLE
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