Effective From :  01/04/2008

Gist :  

Ref:- Circular No. 50/06 dt. 18.12. 06 of CCT.

Advance Tax was introduced on twelve evasion-prone items as per the Circular cited above.

This list has been kept under continuous review so as to exclude items that are no longer perceived as evasion–prone to minimize problems to the trade and to the public and to bring in items that are reported to be evasion-prone under Advance Tax.

On the basis of the review the following items are excluded from levy of Advance Tax:

Petroleum products other than LPG, and Lifts, Elevators, Escalators.

Since iron and steel products used in construction such as (Thermo Mechanical Treated) TMT bars, MS rods, MS wires, TOR steel, Corrosive Resistant Steel Bars, MS flats and MS angles, are reported to be evasion-prone, these items will now be made exigible to Advance Tax.

These orders will take effect from 1st April 2008. 

Circular 50/06 stands modified to this extent.

Commissioner

Commercial Taxes.