EPCH ORGANIZED AN AWARENESS SEMINAR ON “DELHI VAT ACT 2004 AND CURRENT AMENDMENTS” AT RAJIV GANDHI HANDICRAFTS BHAWAN, NEW DELHI
The Export Promotion Council for Handicrafts (EPCH) organized an Awareness Seminar on Delhi VAT Act 2004 and Current Amendments 2013 at Rajiv Gandhi Handicrafts Bhawan here yesterday.
Mr. Deepak Bajoria, Chartered Accountant of M/s D K Bajoria & Associates, New Delhi made a detailed presentation on Delhi VAT Act 2004, Implications of Act and Current Amendments to create an awareness of DVAT Act 2004.
The objective of the seminar was to provide the required knowledge on Delhi VAT Act 2004 and latest amendments of Delhi Vat Act 2013. The speaker interacted with the participants wherein over 40 member exporters were present.
He broadly covered the segments of Delhi VAT Act 2004 which included Registration Procedure Liability to Tax, Credit and Debit Note, Composition Scheme, Computation of Tax, Invoices, Accounts and Records, Returns and Self and Default Assessment and Audit etc.
Mr. Bajoria informed the participants that the Act appears to be the most liberal Value Added Tax (VAT) law in India and applies to all types of business segment including :- Importers, Exporters, wholesalers, retailers etc.It has simplified the registration procedures and provides for across the board input tax credit (with a few exceptions) for business transactions. The act provides for tax refunds for exporters (refund of tax paid on inputs used in the manufacture of goods exported) but also provides for refund of tax in cases where the inputs are taxed at 14.5% irrespective of the output tax.
He stressed on the need of regular VAT Audit and elaborated on the need to adopt a Tax Mechanism for charging VAT.
Meanwhile, to educate the member exporters, the Council also simultaneously organized a seminar
on “ ECGC AND MARINE INSURANCE- OVERING RISKS OF EXPORTS” at Kolkata yesterday which was attended by over 40 participants.
Mr. Rakesh Kumar, Executive Director of EPCH informed that the export business is highly specialized area of work and success in the competitive international markets. The purpose of the above seminar was to create awareness among member exporters for managing & minimizing the risks through insurance. He also informed that the Export Credit Guarantee Corporation (ECGC) helps in providing cover for all goods transported by rail, road, sea and/or air, against unforeseen losses, which may arise due to failure of the buyer, bank or problems faced by the country of the buyer.
The Executive Director-EPCH further informed that the Council will organize seminars on other subjects also for the promotion of handicrafts exports from the country.