Saturday, February 18, 2012

How is VAT Applicable on the above Running Bills pursuant to legal provisions applicable in Delhi VAT (DVAT)

How is VAT Applicable on the above Running Bills pursuant to legal provisions applicable?
 
As per Provisions of DVAT Rules, 2005 the turnover arises in a tax period as per below provisions:
 
Case
Particulars
When turnover arises
1
Sales by means of an installment sale or hire purchase of goods made in the tax period.
Sale price that will be due and payable under the agreement, including the amount of any option fee paid or that may be payable
2
Sales by the transfer of a right to use goods (other than case above)
Proportion of the sale price that is due and payable during the relevant tax period
3
Sales by means of transfer of property in goods (whether as goods or in some other form) under a works contract executed or under execution in the tax period
Consideration received or receivable by the dealer for such transfer of property in goods (whether as goods or in some other form) during the relevant tax period
         
Therefore, Applying provisions as detailed above at each above stage of billing where consideration becomes due to be received DVAT shall be Applicable.

CA Ankit Gulgulia


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