Monday, August 29, 2016

Please take away Vighna’s of MVAT Returns

Arjuna, Sales Tax Department had introduced automation in filing of VAT Returns on 25th February 2016 and it was decided to bring it in effect from April 2016.Due to various technical issues, VAT Returns are still pending to be filled since April 2016. Now from 29th August onwards the dealer will be able to file the VAT Return. To file the Return the government has issued the respective form. The dealer can file the return by downloading the form with the version 1.0.000 and accordingly fill the purchase and the sales details. We expect that “Vignaharta”, will take away “Vighna’s” of MVAT Returns.

Arjun: Krishna, What are the major aspects of this new return form?

Krishna: Arjuna, The major aspect of this new return form are as follows :

Sales Tax Department has annexed Sales and Purchase Annexure along-with the Return. In this template, every dealer is required to fill Bill wise details of Purchases and Sales for each Transaction according to the Bill number and Date. It has also been provided to mention the type of Return form e.g. Form 231, Form 232 for every transaction. Further Transaction Code for every transaction is to be mentioned e.g. purchases or sales from Registered Dealer, Non-Registered dealer, etc.
Earlier, the Dealers had to fill various forms like 231,232, etc. under VAT, CST, J1& J2 Annexures and submit them separately on the website of Department Of Sales Tax. But now all the forms are covered under one utility only.
This utility consists of purchase and sales annexures. In this we have to fill details of purchase and sales Billwise, TIN wise, Code wise and return wise and after validation the selected form will get automatically filled, which we can check later. Then we will have to manually fill some details in the return of Tax rate, Setoff retention, Payments, etc.
The responsibility of submitting correct and proper return will be solely of Dealers.
Every Dealer will have to fill the purchase and sales annexure. Only the Dealer under composition scheme will not be required to fill the sales annexure.
Many dealers don’t show transactions relating to printing and stationery, repairs, staff welfare, etc. in the return. But now it is expected that all the Dealers will show these transaction in this utility.
No negative values can be fed either in the return or in the annexure.
Some Dealer like retails traders, restaurants, medical shops, etc. does hundreds of transactions in a single day and does not know the names of the customers, then sales can be mentioned on aggregate basis.
Dealer can revise the return submitted but for that he need to revise the sales and purchase annexures.
If dealer has excess credit then he should show it in the return. If it is valid then it will be shown in the return sent by the department in the PDF format.

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