CURRENT AFFAIRS

Detailed explanation-1: -The State of Haryana passed the Haryana Vat Act in 2003 to levy taxes on goods bought or sold in the state.. This act forms the basis of the Commercial Tax Department to levy and collect VAT in Haryana.

Detailed explanation-2: -Extension of limitation period to three years in section 17 will enable the taxing authorities to reassess cases where some definite information has come into the possession of an assessing authority where the dealer has been under assessed or some turnover has escaped assessment. c.

Detailed explanation-3: -Section 20: 20. (1) If any person has charged any amount purported to be tax in excess of the tax leviable, no order allowing refund of the excess amount shall be passed in his favour by any authority under this Act or by any court unless he refunds such amount to those from whom it was charged, and where.