TIOL-DDT 83 · the untouched capture
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<html> <head> <title>Untitled Document</title> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> </head> <body bgcolor="#FFFFFF"> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#0000FF" size="3">TIOL-DDT 83</font><br> 29 03 2005<br> Tuesday</b></font></p> <p align="center"><font color="#006633" size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>Exchange rates announced for imported goods and export goods</b></font></p> <p align="left"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Notification <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_023.htm">Nos 23</a> and <a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2005/cnt05_024.htm">24/2005-NT-CUSTOMS</a>, dated, March 28, 2005 fix the exchange rates for imports and exports respectively with effect from 1st April, 2005. Notifications 17 and 18/2005-Cus. (N.T.), dated 23-02-2005 are superseded.<br> <br> <b><font color="#006633">Accounting for VAT - Chartered Accountants Institute ready with guidance note</font></b><br> <br> Institute of Chartered Accountants of India (ICAI) is shortly to release a guidance note on Accounting for VAT. The note stipulates that <br> <br> • the input tax paid on purchase of inputs/capital goods which is available as VAT credit should not be included in the cost of purchase<br> <br> • VAT credit which will be available in future on the goods lying in stock at the inception of the VAT scheme should be credited to the Opening Stock A/c at the inception of the scheme itself.<br> <br> • VAT payable on sales is an indirect tax which is ultimately borne by the final consumer<br> <br> • The dealers collects VAT from their customers on behalf of the VAT authorities<br> <br> • VAT collected from the customers should not be recognised as an income of the enterprise, i.e., it should not be included in the sales<br> <br> • payment of VAT should not be treated as an expense in the financial statements of the enterprise.<br> <br> <font color="#006633"><b>Commonman gets a Padma Vibhushan</b></font><br> <br> <img src="http://www.taxindiaonline.com/RC2/image/commonman.jpg" width="187" height="250" align="left">This is a statue of the common man unveiled by President Narayan in the Symbiosis Institute in Pune. Yesterday President Kalam walked down to present the Padma Vibhushan to the ailing cartoonist who created the common man who had silently watched India for more than half a century. <br> <br> R K Laxman had a brush with the Bombay Customs when they detained a book imported by him. About a year after the incident, he got a letter from the Assistant Collector that he had taken a lenient view and decided to let off Laxman. <br> <br> Laxman wrote in Idle Hours that he was surprised that he did not even know that he was under Customs investigation. He wondered whether Customs sleuths were peeping into his bed room to investigate his reading habits. His point was that even without your knowing it you could be an accused or an offender until let off by a benign Assistant Collector.<br> <br> <b>One reason why there is opposition to VAT in India is that VAT accounting leaves behind an audit trail. A retailer who has paid VAT to the wholesaler will not be able to sell the product to a customer without charging VAT because the VAT-trail is following him.</b></font></p> <p align="center"><font color="#0000FF" size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>Cost is a fact<br> Price is a policy<br> Profit is a projection</b></font></p> <p align="justify"> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#FF0000">Until Tomorrow with more of DDT</font></b></font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b> Have a Nice Time</b></font></p> <p align="justify"><font color="#FF0000" size="2" face="Verdana, Arial, Helvetica, sans-serif"><b> Mail your comments to</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> <b>vijaywrite@taxindiaonline.com</b> <br> <br> </font></p> </body> </html>