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AMENDMENTS IN DELHI VALUE ADDED TAX IMPACT ON BUILDERS  Sushil Aggarwal Anil Sushil Co. Chartered Accountant1, Temple Complex, Shiv Mandir, Tilak Bridge, New Delhi 110 001. Ph. 2337 1637, 2337 1937 AMENDMENTS Capital Goods – broader definition Sch.VII - non-creditable goods expanded Liability of organiser of exhibition Interstate movement for job work Taxability of goods supplied by contractee Special wct rates Power conferred to resize tax period Discretionary powers with commissioner. Input credit disallowed for labour jobs AMENDMENTS Limit of 20000 for tds New Time Limits for TDS Goods Return Rate of Interest on refund reduced Scheme of composition for civil contractors, Medicine Traders and bullion traders. Rationalize tax liability on work contracts entered prior to 01.04.2005 Rate adjustments in Budget 2006-07 CST changes Impact of VAT on Builders Recent determinations / clarifications Procedural changes Thanks PROCEDURAL CHANGES Advance (WC) taxable on appropriation Default assessment for year by single order Concept of electronic filing of returns Provisions to transfer the refund amount through ECS PAN is to be intimated on Form DVAT-52 latest up to 31st March 06.Penalty of Rs. 10000 for non-compliance. Input credit on second hand goods Composition to voluntary registrants too. Penalty for delay in applying for registration or delay in filing of return to apply from after the due date. Capital Goods – broader definition The definition of Capital Goods has been amended. The words “Directly Indirectly” have been added. Also the words “ or for execution of works contracts in Delhi” have been added. Thus direct relation of capital goods to manufacturing shall not be mandatory. And machinery for works contracts shall also be entitled clearly. Definition has been broadened. Sch.VII - non-creditable goods expanded Contrary to the spirit in broadening of the definition of capital goods, schedule VII of the DVAT Act, describing non-creditable goods, ha