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J&K Punjab Chandigarh Uttaranchal Haryana Delhi UP Rajasthan Gujarat MP Assam Bihar Jharkhand WB Chattisgarh Orissa 20 States VAT live April 1, 2005 AP Goa Karnataka Pondicherry Kerala Tamil Nadu 2 State/ UT implementing VAT between the period April 1, 2005 to March 31, 2006 5 States implementing VAT wef April 1, 2006 2 State/UT implementing VAT on or after January1 ,2007
15 ±Mandatory to quote on all Correspondences /Return/ Challan/ Tax invoice etc. Compulsory for Transporters. Carriers.12. levied on value added at different stages of production and distribution of a commodity or the supply of a service Registration 1. Railway Agents etc ± transporting/storing goods.Allotted on Form no. Threshold limit Rs 5 lacs. Furnace Oil. Forwarding Agents. Tax Payer¶s Identification No (TIN):. VAT Rates Four rates have been prescribed Schedule: I . Schedule: II .4%: for manufacturing inputs & IT Products & GSM. Auto Registration for Reg Dealer ± Form VII & VIII within 60 days. Schedule: III -1%: for gold and precious stone. Composition Scheme:-Specified for Small Traders -5 to 50 Lakhs @ VAT 1%. Diesel oil. Schedule: IV ± 20% to 32.5% for Petrol.5%: for goods not specified under any schedule. 2. Bimal Jain .VAT implementation in UP: Value Added Tax (VAT) is a multistage tax. Schedule: V RNR .0% for exempted goods. 3.
spare parts.in 3 annual installments. Stock transfers outside the State attract a reversal of input tax credit (ITC) to the extent of 3%. tools appliances.VAT implementation in UP:Input Tax Credits:. ITC on capital goods . Refund of excess ITC to other dealers at the end of the assessment year next to the assessment year in which it falls due. Input tax credits are not available for inter State (CST) procurement of goods. mould dies etc. Bimal Jain . co-developers and units in SEZ eligible for ITC on taxable goods for specified operations. apparatus. 2. captive power plant and other specified capital goods like office equipment. machine. Specified goods to be notified under Schedule IV to be taxable at first point. accessories. Developers. equipment. Provisional refund of ITC to exporters.ITC Allowed For intra-State purchase of goods for resale or use in manufacture. ITC on capital goods (other than non creditable capital goods): ³Capital Goods´ means plant. No ITC on capital goods held in stock as on the date of commencement of the Act. machinery. electrical installation used for manufacture or processing of any goods for sale by the dealer and includes components. air conditioners etc. 1. Not allowed in respect of Non-VAT goods. furniture.
additional surcharge.Self assessment of tax. Other Features of VAT in UP: Exports are zero rated and hence eligible for input tax relief/refunds. prevailing under the sales tax regime have been abolished.6 Monthly/Qtrly Installments after expiry of 4 months from 1st Jan. Purchase Tax Leviable on purchase of goods from un-registered dealers. surcharge.07. special additional taxes etc. ( except exempted goods &CG ) -> Intimation with in 30 days in Sp.VAT implementation in UP: 1. Format to Deptt. No Departmental assessments . ITC on Opening Stock:RM & Semi FG & FG ->Available for immediately preceding 6 Months from the date of Commencement of VAT i. 2. Utilization:. Other taxes such as turnover tax.e July to Dec. petrol etc) but have been made vatable. Entry taxes continue for specific products (diesel. Payable when such goods / goods manufactured from VAT inputs are disposed off otherwise than by way of sale Bimal Jain .
2.49 (Required for movements of imported goods) Continue (new Form no.25 Lakhs From Rs.25 L to 1 Cr Above Rs.VAT implementation in UP:Return & Payment of Taxes:- Turnover Annually Up to Rs. Form no. a fixed deduction of 20% on account of labour and service charges will be allowed irrespective of the nature of works contract. Check Posts:.31 ( Required for movements of goods from Any States . Form no.Withdrawn but Mobile Squad will continue 1.XXI) ± Disputed.XXXVIII). Bimal Jain . OC Stamps Withdrawn.Continue (New From no.1 Cr Return Quaterly Quaterly Monthly Payment of Taxes Quaterly Monthly Monthly Last date of filling Return & Payment of taxes is 20th of next month/Qtr Works Contract:. 3.where a contractor does not maintain separate book of accounts.
Separate Serial no for LST & CST sale. Value. Every invoice should be pre-authenticated by Authorized person ± Excise/Sales tax.VAT implementation in UP:TAX INVOICE: Prepared in Triplicate -> Separate tax invoice -> Performa is not yet prescribed. Invoice book binding from Sr. Bimal Jain . date. seller. Include information and details about Consecutive serial no. description of goods ± Qty. Name & address of purchaser.5´ but not greater than 11´x8. TIN.1 to 50 & followed.no. Rate of Tax etc. Discounts.5´ on paper of good quality. Invoice shall be accompanied by transporter memo / LR copy. Suggested size of invoices not less than 10´x8.
Tax Invoice as per Specified Format & Pre Authenticated by Approved Person. Bimal Jain . Continuation of Entry Tax though Vatable.VAT implementation in UP:Negatives of UP VAT: Conversion of Sales tax exemption in to Deferment.(UP Mfg goods -Stock) No ITC on CG on Transition date & used in Works Contract. Excess VAT ITC refund after completion of P.Y. VAT ITC on exempted FG ± Not available to Dealer but available for Taxable goods (CBU) ± for 6 Months. Continuation of Form No.31 & Mobile Squad.
VAT implementation in UP:- Thanks Bimal Jain .