Vat Presentation

CA. PATHIK B. SHAHB.COM, LL.B., FCA , DISA (ICAI), DIRM (ICAI)

VALUE ADDED TAX ACT 2003

Payment of Tax The Payment of Tax is required to be made with in 22 Days

from the end of the Month / Quarter to which the returnrelates.

Dealer dealing in the commodities mentioned in Schedule IIIare required to make the Payment of Tax within 12 Daysfrom the end of the respective Month.

If Dealer has paid VAT Tax of Rs.10 Lac of more during2007-08 or afterwards than it is mandatory make the E-Payment of Tax.

In case of payment made otherwise than in cash than, thedate of realization of payment in the Government Treasuryshall be the date of payment as per Rule 26 (9).

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METHODS FOR FILING RETURNS

MONTHLY /QUARTERLY

RETURNS

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PAPER RETURN E- RETURN

Return & Payment of Tax Dealer to whom permission to pay Lump sum Tax has been granted U/s. 14, 14A ,14B, 14C and 14D.

Section Return14 202 , 202A14A 202 , 202A14B 202 , 202B , 202C14B 202 , 202B , 202C14C 202 , 202A14D 202 , 202A

The Return will be Quarterly Return and If Payment of Tax is more than60,000 in previous year or current year than Monthly Payment of Tax elseQuarterly payment of Tax.Returns for TDS to be filed on Quarterly basis on the website ofDepartment by contractee for the amount deducted as tax in accordancewith Sec 59B Form No. 216A & Declaration in Form No. 704.

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Return & Payment of TaxTrader will have to file theQuarterly Return in Form No. 201 ,201A , 202 B and half yearly 201C.

&If Payment of Tax is more than60,000 in previous year or current60,000 in previous year or currentyear than Monthly Payment of Taxelse Quarterly payment of Tax.

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Special Category of Dealers

Following Special Dealer will have to make thePayment of Tax as well as submission of Returnon monthly Basis.

Incentive of Sales Tax Exemption in Form No.203and Sales Tax Deferment in Form No. 204.

Every registered dealer dealing in the commoditiesmentioned in the Schedule III to the Act [i.e H.S.D.Aviation Fuel etc], Returns in Form 212 & 213.

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Special Category of Dealers

Imports the goods into or exports the goods out of the territory ofIndia.

Dealer who has established an industry in the Special EconomicZone or who is the developer of the Special Economic Zone.

Dealer who is entitled to the benefit of refund under section 40. Dealer who is entitled to the benefit of refund under section 40.

Dealer who is entitled to the benefit of remission under sub-section (1) of section 41.

Non Localised Dealer ( NLD)

Return will be in Form No. 201 ,201A , 201B , 201C underVAT Act & 3B ,CST Purchase , CST Sales under the CentralSales Tax Act.

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Others Rest of all the Dealers who are not covered

above have to Pay the Tax as well as filethe Return on Monthly Basis if the Taxpayable by them exceed Rs. 60,000/-.

If Tax Payable is less than 60,000 Paymentof tax as well as submission Return will beof tax as well as submission Return will beon Quarterly basis.

If dealer does not pay the amount of Taxwithin the time prescribed than Interest@ 18% will be payable from the expiry ofthe aforesaid prescribe time and endingon the date of payment of tax.

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Mandatory E- Filling of Returns under VAT & CST Act

A registered dealer whose taxable turnover in the previous year or during the year

has exceeded Rs. 50 Lacs. who makes zero rated sale under section 5A. Who Imports the goods into or Exports the goods out of the

territory of India. Who Imports the goods into or Exports the goods out of the

territory of India. who being an eligible unit has obtained a Certificate of

Entitlement under rule 18A. who is a Developer or a Co-developer of Special Economic Zone. who is a unit carrying on its business in the processing area or in

the demarcated area of Special Economic Zone. who is registered under the provisions of the Central Sales Tax

Act, 1956.CA. PATHIK SHAH

Mandatory E- Filling of Returns under VAT & CST Act

Dealer who deals in the commodities mentioned as under:Timber ,Ceramic tiles, Scrap of iron and steel, Tobacco andtobacco products (excluding unmanufactured tobacco) ,MajorMinerals as may be specified by the Commissioner.

Dealer to whom permission to pay Lump sum Tax has beengranted U/s.14A ,14B, 14C and 14D when Turnover exceedsRs. 75 Lacs.Rs. 75 Lacs.

The Dealer who are getting refund U/s. 40.

Dealer who is entitled to the benefit of remission under sub-section (1) of section 41.

Non Localised Dealer ( NLD) The Dealers who are dealing in Commodity mentioned in

Schedule III.CA. PATHIK SHAH

Time Limit for Filling Returns

For E Return If Tax Payable for the Month is 5,000 or less than Rs.5,000 than within 60

days from the end of the respective Month. If Tax Payable for the Month is 5,000 or more than Rs.5,000 than within

70 days from the end of the respective Month. In case of Dealer who are liable for Quarterly E- Filing of Return than In case of Dealer who are liable for Quarterly E- Filing of Return than

within 75 Days from the end of Quarter. For Paper Return Within 30 Days from the end of the Month / Quarter

Revised Return - If after furnishing a return if any dealer discoversany error, omission , or incorrect statement therein ,he may furnish arevised return before the expiry of One Month from the last dateprescribed for Original Return.

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Annual Return under VAT Act. Every Registered dealer shall furnish Annual Return by way of Self Assessment to

the Commercial Tax Officer within whose jurisdiction his chief place of business issituated.

Registered dealer who is co operative society engaged in the manufacture ofSugar or Khandsari shall furnish annual return on or before 31st December afterend of year to which return relates [ Form No. 205 & 205A ].

Dealer who are liable for VAT Audit shall furnish Annual return within 9 monthfrom the end of the year to which annual Return relates.[ Form No. 205 & 205A].from the end of the year to which annual Return relates.[ Form No. 205 & 205A].

Dealer to whom permission to pay Lump sum Tax has been granted U/s. 14, 14A,14B, 14C and 14D within 3 Months [ Form No. 202 ].

Dealer who holds Incentive of Sales Tax Exemption in [ Form No.203 ] and SalesTax deferment in [Form No. 204].

Any other dealer will have to file within 3 Month from the end of the Year to whichreturn relates [ Form No. 205 & 205A.]

In case Turnover Exceed Rs. 1 Crore than E- Filing is alsomandatory.

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Penalty for Late Filing of Returns

Penalty for non submission of return in time - Penalty can belevied Rs.100/- per day for first 7 days thereafter Rs. 100 + Rs.100 per day up to 30 days. Thereafter Rs. 3,000 per month ofpart of month with a maximum limit of Rs.10,000/-.

A dealer having turnover of Less than 75 Lacs and opted for

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A dealer having turnover of Less than 75 Lacs and opted forlump sum payment of Tax penalty can be levied up to ceilingof Rs.1000/- only.

A dealer doing sales, purchase transactions as mention inRule 19 (3A) and mentioned in 19(3B) submitting returns onquarterly basis and tax payment less than Rs.60000/- thenpenalty can be levied up to Rs.2000/- only.

Hindustan Steel Ltd. 25 STC page 211 (SC)

Whether penalty should be imposed for failure toperform a statutory obligation is a matter of discretionof the authority to be exercised judicially and on aconsideration of all the relevant circumstances. Evenif a minimum penalty is prescribed the authority

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if a minimum penalty is prescribed the authoritycompetent to impose the penalty will be justified inrefusing to impose penalty ,when there is a technicalor venial breach of the provisions of the act or wherethe breach flows from a bonafide belief that theoffender is not liable to act in the manner prescribedby the statute .

E- Filing of VAT - Returns

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Download the Forms

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Generate Acknowledgement

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Verification of Input Tax Credit

Now You can verify the Input Tax Credit claimed byyou in Form No. 201B with the data uploaded by thevendor in Form No. 201A.

The mismatch cases are highlighted with red color,which requires your immediate action.

The Input Tax Credit which is not reconciled will bedisplayed on the website.

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