Office of the Commissioner
Commercial Taxes
Tax Towers, 8th Floor,
Karamana, Thiruvananthapuram
Sub:- Kerala Finance Bill, 2014 - Further instruction for implementation - reg.
Ref:- Circular No.05/2014.
In continuation to Circular No.05/2014 read above, the following further instructions are issued.
The provisions relating to gold compounding i.e., Clause (f) of Section 8 has been substituted vide Kerala Finance Bill, 2014, in accordance with Para 355 of Budget Speech, 2014-15. As per the Budget Speech the substituted provisions will take effect from 01-04-2013 and thus will be applicable for the financial year 2013-14.
In Para 2 of the Circular referred above, instructions were issued for dealers who had not yet filed their options for 2013-14, for payment of compounded tax as per Clause 8(f).
With regard to dealers who had already opted for compounding under Section 8(f) of KVAT Act during 2013-14, it is clarified that such dealers will have to file a fresh option for the year 2013-14 before 31st March, to avail the benefits of Clause 8(f) substituted by Kerala Finance Bill, 2014 for that period.
Those dealers who do not file such fresh option for 2013-14 will not be eligible for the benefits of the substituted provision for the year 2013-14.
All Assessing Authorities are instructed to inform dealers accordingly.
Commissioner