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  STATUTORY PROVISIONS OF SERVICE TAX APPLICABLE w. e. f. 28.05.2012 As you all are .....
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Questions on Vat Registration

 

Is a VAT dealer required to compute net tax payable in every invoice issued by him?

No, VAT shall be changed on each invoice at the rate applicable to the commodity. The net tax payable by the dealer shall be computed by deducting input tax credit from the output tax at the end of Tax period /Return period.

Is entry tax still applicable when VAT has been put in force in UT, Chandigarh?

Presently yes.

Will there can be surcharge on VAT like sales tax under PGST?

No, There will be no surcharge under VAT.

Whether inter-state sales taxis still applicable to Union territory Chandigarh after introduction of VAT?

Yes, However CST may be phased out over a period of time.

Will input tax credit be available in respect of CST paid on purchase from outside the UT on raw materials or other goods?

No.

Will a separate application for refund be required to be made whenever input tax credit is more than output tax?

Yes, separate application will be required in form VAT -29.

What are the mandatory particulars that need to be clearly mentioned on a VAT invoice?

Following are the mandatory particulars that need to be clearly mentioned on a VAT invoice.

1. Running serial numbers, printed by mechanical or electronic process.

2. Name, address and registration number of the seller.

3. Name, address and registration number of the purchaser.

4. Date of issue.

5. Quantity and full description of goods sold.

6. Unit price of the goods excluding VAT,

7. Rate and amount of VAT charged

8. Total value of the goods.

9. Mode of transportation of the goods and details thereof.

10. Sr. No. of Form VAT -36 if the goods are sent outside UT, Chandigarh.

11. Signature of proprietor/partner/director/authorized agent and

12. Above all the words ‘VAT INVOICE’ shall be prominently printed on the invoice.

How many copies of VAT invoices will need to be prepared?

VAT invoices shall be at least in triplicate as detailed below:

  • The first copy shall be issued to the purchaser prominently stating,’ ORIGINAL’ and ‘Input Tax Credit’ is available to a taxable person again copy only,
  • The second copy shall be issued to the transporter of goods prominently stating:’ Transporters copy’and This copy does not entitle the hold claim tax credit.
  • The last copy shall bear the words ‘Seller copy’ and shall be retained by the seller.

Whether monthly returns are required to be filed under VAT?

No, every person registered under the VAT Act is required to file quarterly returns. Only the person with annual turnover above Rs One Lakh during the previous year shall be required to pay tax on monthly basis and furnish the receipt thereof on monthly basis.

Whether the Central Sales Tax Forms will continue under VAT system?

The Central Sales Tax Forms namely C, EI, EII, F, H, etc. will continue under the VAT. The rate of CST without C forms will be 10% (for 4%goods) and 12.5% (for 12.5% goods) respectively.

Who is required to deposit tax on monthly basis?

Any person whose gross turnover exceeds Rs 1 crore during the previous year shall have to tax  on monthly basis. Returns shall be filed quarterly.

What is the periodicity of filing returns?

All the persons are required to submit quarterly returns in the form of VAT-15 and VAT-17 by the taxable and registered persons respectively. Annual statement in the form of VAT-20 and VAT-21 shall be furnished by 20th Nov and 20th August by the taxable and registered persons respectively. The annual statement shall be audited by CA when the turnover exceeds Rs 50 Lakh.

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