Our Services

The process of tax management is growing increasingly complex, especially in an everchanging scenerio of laws and regulations. Goddwill Assocaites offers unique service in both tax filing and tax consulting services to help you manage your tax processes more effectively. If you are searching for more efficient ways to manage tax compliance and utilize your saved penny for your company's advantage, please explore our experience. Well versed in all aspects of tax regulations, tax forms and the electronic filing of returns, the professionals at Goodwill Assosciates are ready to serve you. In this day and age, when every penny counts, most of us realize the importance and value of conserving our hard-earned money wherever we can. The complexity of tax management and filing returns require up-to-date knowldge on the latest tax codes.

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    Sales Tax Management

    We offer peerless services in the field of sales tax and return. As a result orientated associated sales tax consultants; we consider it as our responsibility to make the complex job of sales tax an easy affair. Our services in this field include registration of sales tax, VAT, works contract tax, returns, appeals, VAT audit and so on. All the solutions related to sales tax are furnished under one roof our organization..

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    VAT Accounting

    Value added tax is a state level tax which is levied on sale of goods, hiring of goods and work contract. Ever since the introduction of VAT, compliance requirement has increased considerably and thus requires expert services for maintenance of records and calculation of tax liability. In order to help clients with the complexities involved with VAT, our Vat Consultants provides you with several VAT related services like:

    • Helps to get Vat registration
    • VAt Accounting
    • E-Filing
    • Online Declaration Forms
    • Online Payments

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    FAQ on VAT

    • Q.What is Value Added Tax (VAT)?

      A. VAT is a multi-point tax on value addition which is collected at different stages of sale with a provision for set-off for tax paid at the previous stage/tax paid on inputs.
    • Q. What is meant by 'Sale' under Delhi VAT Law?

      A. Sale includes:-
      1. The conventional sale i.e. Transfer of property in goods;
      2. Supply of goods by a society, club, firm, and company to its members;
      3. Transfer of property in goods involved in execution of works contract;
      4. Delivery of any goods on hire purchase or any other system of payment by instalments;
      5. Transfer of right to use any goods, whether or not for a specified period; and
      6. Supply of good or other articles by the restaurants, hotels etc., by way of or as a part of service.
    • Q. Who is a dealer?

      A. 'Dealer' means any person who carries on business in Delhi and includes-
      1. any person who, for the purposes of or in connection with or incidental to or in the course of his business buys, sells, goods directly or otherwise, whether for cash or for deferred payment or for commission, remuneration or other valuable consideration;
      2. any department of the Central Government or a State Government, a local authority, Panchayat, Municipality, Development Authority, Cantonment Board and each autonomous or statutory body or an industrial, commercial, banking, insurance or trading undertaking whether or not of the Central Government or any of the State Governments or of a local authority, if it buys, sells, supplies or distributes goods, in the course of specified activities which may be prescribed from time to time;
      3. a factor, commission agent, broker, del credere agent, or any other mercantile agent by whatever name called, who carries on the business of buying, selling , supplying or distributing goods on behalf of any principal, whether disclosed or not;
      4. an agent of a non-resident (where such non-resident is a dealer under any other sub-clause of this definition);
      5. a local branch of a firm or company or association of persons, outside Delhi where such firm, company, association of persons is a dealer under any other sub-clause of this definition;
      6. a club, association, society, trust, or cooperative society, whether incorporated or unincorporated, which buys goods from or sells goods to its members for price, fee or subscription, whether or not in the course of business;
      7. an auctioneer, who sells or auctions goods belonging to any principal, whether disclosed or not and whether the offer of the intending purchaser is accepted by him or by the principal or a nominee of the principal;
      8. a casual trader; or
      9. any person who, for the purposes of or in connection with or incidental to or in the course of his business disposes of any goods as unclaimed or confiscated, or unserviceable or scrap, surplus, old, obsolete or as discarded material or waste products by way of sale;
    • Q. Will multi point tax lead to cascading?

      A. VAT eliminates cascading by providing for set off for taxes paid on inputs and only taxing value addition, tax on sales would be shown separately while issuing tax invoice or calculating tax liability.
    • Q. What will happen to the Central Sales Tax Act?

      A. CST Act would remain as it is. No VAT on inter-State Sales, shall be levied and the Central Statutory Forms, i.e, Form C,D,F, H etc., shall also continue. It was proposed that the tax rate for sale against C form shall be gradually reduced from 4% to 0% but at present it is stagment at 2% since 1-6-2008.
    • Q. Are there any Statutory Forms under the VAT?

      A. There are no statutory forms in VAT, it is an invoice based system wherein input credit is allowed at the strength of tax invoice.
    • Q. VAT would increase the cost of compliance.

      A. Cost of compliance would come down due to self-assessment, dealers would not have to approach the Department for statutory forms or for assessment.
    • Q. VAT requires extensive computerization, which traders cannot afford.

      A. The document and papers that the dealers are maintaining under the present regime would suffice, in fact documentation needs should decrease due to self assessment and elimination of forms. Department has taken initiative by mailing issuance of Central Statutory forms on-line for financial year 2011-12. Online issuance of forms, digitiziation of documents has been started.
    • Q.VAT would spoil the distributive character of Delhi.

      A. Lowering CST rate, input credit and credit for capital goods would reduce the cost of business and improve the margin of traders. Since Exports and Imports under VAT is zero-rated, VAT should give impetus to the distributive character.
    • Q. Cost of doing business would go up as dealers will have to pay tax on their purchases.

      A. If we assume that the average length of time required for settling of amounts receivable and payable is the same as the length of time for remitting tax and processing any refund, no additional cost is imposed on trade or industry.
    • Q. Prices would go up due to VAT and consumer would suffer.

      A. There are four slabs of VAT i.e 11%, 5%, 12.5%, 20% many life saving, agriculture and other claim related to poor, farmers, patients are tax free. Further, input credit and credit allowed for purchase of capital goods should reduce the effective selling price.
    • Q. VAT is anti poor.

      A. Items that are consumed by the poor are exempt. Besides the scheme of higher threshold and compounding for dealers having turnover upto Rs. 50 lakhs after paying notion tax of 1% on the turnover would take care of all such dealers from whom poor source their requirement.
    • Q. Will input tax credit be available on capital goods used in the execution of works contract?

      A. Yes input tax credit will be available on capital goods purchased after 1.4.2005 .However, in case a dealer, after availing tax credit, transfers the assets/Capital goods, on which he had availed tax credit, out of NCT of Delhi ,the credits so allowed shall be reversed, tax shall have to be paid on such transfer of capital goods/assets. The tax so payable shall be equivalent to unutilized portion of tax credit allowed by the Department less tax payable at usual rates on such transfer or sale.
    • Q. Is there any restriction on leasing out machines purchased for own use? If no, what will be it's tax implications under VAT?

      A. There is no restriction on leasing out machines bought for own use but being deemed sale VAT is to be paid on consideration received.

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