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Bar News Acts League

The Meghalaya Value Added Tax Act 2003 (Act No.2 of 2005).pdf

Act ID: 2005

The Meghalaya Value Added Tax Act 2003 (Act No.2 of 2005).pdf

"An Act to provided for and consolidate the Laws relating to lavy of Value Added Tax on Sales or Purchase of goods in the State of Meghalaya:"

Table of Contents

117 Sections

Ch.

Sections

S.1Short title extent and commencement S.2Definitions S.3Incidence Tax S.4Tax payable by a dealer or a person S.5Levy of Value Added Tax on goods specified in the Schedule appended to this Act:-S.6Purchase tax payable on purchase of certain goods S.7Levy of tax on containers and packing materials S.8Exemption S.9Output Tax S.10Input tax S.11Input tax credit S.12Reverse tax credit S.13Net tax credit S.14Input tax credit exceeding tax liability S.15Adjustment of input tax credit S.16Burden of proof S.17Levy of presumptive tax on registered retailers S.18Net tax payable by the dealer S.19Stock brought forward during transition S.20Credit and debit notes:S.21Liability to pay in case of death S.22Certain agents liable to tax for sales on behalf of principal S.23Liability of partners S.24Amalgamation of companies S.25Sales tax authorities S.26Delegation of Commissioner’s powers S.27Appellate Authority S.28Revisional Authority S.29Appellate Tribunal S.30Enforcement Branch S.31Compulsory registration of dealers S.32Voluntary registration of dealer S.33Security to be furnished:-S.34Imposition of penalty for failure to get registered S.35Periodical return and payment of tax and interest S.36Return defaults S.37Collection of tax only by registered dealers S.38Rounding off of the amount of tax or penalty S.39Security of Return S.40Interest payable by dealer S.41Interest S.42Power to with hold refund in certain cases S.43Exemption of certain sales and purchase S.44Composition of tax S.45Assessment S.46Assessment of tax payable by dealer other than registered dealers S.47Assessment of dealer who fails to get himself registered S.48Payment of tax and penalty:-The amount of tax S.49Refund S.50Provisional refund S.51Rectification of assessment S.52Tax Audit S.53Self assessment S.54Provisional assessment S.55Audit assessment S.56Assessment of dealers who fails to get himself registered S.57No assessment after five year S.58Turnover escaping Assessment S.59Exclusion of time period for assessment:-S.60Special mode of recovery:-S.61Collection of tax by dealer S.62Sales not liable to tax S.63Tax to the first charge on property S.64Period of limitation of recovery for tax:S.65Appeal against assessment S.66Suo moto revision and revision by Commissioner upon application S.67Review of order S.68Appeal to the High Court:S.69Appeal to the Appellate Tribunal S.70Revision to High Court S.71Hearing of revision and Review by the High Court S.72Burden of proof S.73Persons appointed under section 25 and members of Appellate Tribunal to be public servants S.74Identity of Government Servants:-S.75Restriction on movement of goods S.76Erection of check post S.77Transit of goods by road through the State and issue of transit pass S.78Automation S.79Power to collect statistics S.80Registration of transporters S.81Maintenance of accounts by transporter, carrier or transporting agent S.82Inspection, search and seizure of records or documents S.83. Surveys S.84Inspection, Search Seizure S.85Disposal of seized goods S.86Audit of accounts S.87Dealer to declare the name of his business manager S.88Compulsory issue of tax invoice, cash memo or bill S.89Electronic record S.90Offences S.91Penalties S.92Offences by Companies S.93Cognizance of offences S.94Imposition of fine S.95Investigation of offence S.96Compounding of offence S.97Remission S.98Power of taking evidence on oath, etc S.99Returns etc. to be confidential S.100Disclosure of information required under Section 79 and failure to furnish information or return under that section S.101Publication and disclosure of information respecting dealers and other persons in public interest S.102Statement to be furnished by dealer, transporter, owner or lessee of warehouse, etc:S.103Information to be furnished by dealers regarding changes of business:-If any dealers:S.104Statement, accounts or declarations to be furnished by dealers S.105Information to be furnished by dealers in respect of transfer of goods otherwise than by way of sales:-S.106Special provisions relating to deduction of tax at source S.107Application of the Meghalaya Land Revenue Regulation Act for Recovery of tax recoverable as arrear of land revenue:-S.108Bar to proceeding in Civil courts S.109Power of State Government to prescribed rates of fees S.110Application of Section 4 and 12 if Limitation Act S.111Appearance before any authority in proceedings S.112Power of State Government to amend schedules S.113Power of State Government to make rules S.114Power of State Government to remove difficulties S.115Clearance certificate S.116Transition S.117Repeal and savings

The Meghalaya Value Added Tax Act 2003 (Act No.2 of 2005).pdf

Act ID: 2005

The Meghalaya Value Added Tax Act 2003 (Act No.2 of 2005).pdf

"An Act to provided for and consolidate the Laws relating to lavy of Value Added Tax on Sales or Purchase of goods in the State of Meghalaya:"

Table of Contents

117 Sections

Ch.

Sections

S.1Short title extent and commencement S.2Definitions S.3Incidence Tax S.4Tax payable by a dealer or a person S.5Levy of Value Added Tax on goods specified in the Schedule appended to this Act:-S.6Purchase tax payable on purchase of certain goods S.7Levy of tax on containers and packing materials S.8Exemption S.9Output Tax S.10Input tax S.11Input tax credit S.12Reverse tax credit S.13Net tax credit S.14Input tax credit exceeding tax liability S.15Adjustment of input tax credit S.16Burden of proof S.17Levy of presumptive tax on registered retailers S.18Net tax payable by the dealer S.19Stock brought forward during transition S.20Credit and debit notes:S.21Liability to pay in case of death S.22Certain agents liable to tax for sales on behalf of principal S.23Liability of partners S.24Amalgamation of companies S.25Sales tax authorities S.26Delegation of Commissioner’s powers S.27Appellate Authority S.28Revisional Authority S.29Appellate Tribunal S.30Enforcement Branch S.31Compulsory registration of dealers S.32Voluntary registration of dealer S.33Security to be furnished:-S.34Imposition of penalty for failure to get registered S.35Periodical return and payment of tax and interest S.36Return defaults S.37Collection of tax only by registered dealers S.38Rounding off of the amount of tax or penalty S.39Security of Return S.40Interest payable by dealer S.41Interest S.42Power to with hold refund in certain cases S.43Exemption of certain sales and purchase S.44Composition of tax S.45Assessment S.46Assessment of tax payable by dealer other than registered dealers S.47Assessment of dealer who fails to get himself registered S.48Payment of tax and penalty:-The amount of tax S.49Refund S.50Provisional refund S.51Rectification of assessment S.52Tax Audit S.53Self assessment S.54Provisional assessment S.55Audit assessment S.56Assessment of dealers who fails to get himself registered S.57No assessment after five year S.58Turnover escaping Assessment S.59Exclusion of time period for assessment:-S.60Special mode of recovery:-S.61Collection of tax by dealer S.62Sales not liable to tax S.63Tax to the first charge on property S.64Period of limitation of recovery for tax:S.65Appeal against assessment S.66Suo moto revision and revision by Commissioner upon application S.67Review of order S.68Appeal to the High Court:S.69Appeal to the Appellate Tribunal S.70Revision to High Court S.71Hearing of revision and Review by the High Court S.72Burden of proof S.73Persons appointed under section 25 and members of Appellate Tribunal to be public servants S.74Identity of Government Servants:-S.75Restriction on movement of goods S.76Erection of check post S.77Transit of goods by road through the State and issue of transit pass S.78Automation S.79Power to collect statistics S.80Registration of transporters S.81Maintenance of accounts by transporter, carrier or transporting agent S.82Inspection, search and seizure of records or documents S.83. Surveys S.84Inspection, Search Seizure S.85Disposal of seized goods S.86Audit of accounts S.87Dealer to declare the name of his business manager S.88Compulsory issue of tax invoice, cash memo or bill S.89Electronic record S.90Offences S.91Penalties S.92Offences by Companies S.93Cognizance of offences S.94Imposition of fine S.95Investigation of offence S.96Compounding of offence S.97Remission S.98Power of taking evidence on oath, etc S.99Returns etc. to be confidential S.100Disclosure of information required under Section 79 and failure to furnish information or return under that section S.101Publication and disclosure of information respecting dealers and other persons in public interest S.102Statement to be furnished by dealer, transporter, owner or lessee of warehouse, etc:S.103Information to be furnished by dealers regarding changes of business:-If any dealers:S.104Statement, accounts or declarations to be furnished by dealers S.105Information to be furnished by dealers in respect of transfer of goods otherwise than by way of sales:-S.106Special provisions relating to deduction of tax at source S.107Application of the Meghalaya Land Revenue Regulation Act for Recovery of tax recoverable as arrear of land revenue:-S.108Bar to proceeding in Civil courts S.109Power of State Government to prescribed rates of fees S.110Application of Section 4 and 12 if Limitation Act S.111Appearance before any authority in proceedings S.112Power of State Government to amend schedules S.113Power of State Government to make rules S.114Power of State Government to remove difficulties S.115Clearance certificate S.116Transition S.117Repeal and savings