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VGGlobal   procedure for DVAT Registration (delhi sales tax registeration)
 

VGGlobal procedure for DVAT Registration (delhi sales tax registeration)

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This presentation published by VGGlobal summarize the procedure for DVAT registration. For more information you can contact Jatin Gupta, Partner, VGGlobal at jatingupta@vgglobal.co.in or reach him at ...

This presentation published by VGGlobal summarize the procedure for DVAT registration. For more information you can contact Jatin Gupta, Partner, VGGlobal at jatingupta@vgglobal.co.in or reach him at +91 9891191000

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    VGGlobal   procedure for DVAT Registration (delhi sales tax registeration) VGGlobal procedure for DVAT Registration (delhi sales tax registeration) Presentation Transcript

    • VGGlobalIndian values, global expertise
    • Registration Under DVAT Act 2004 (Delhi Sales Tax Registration) A SNAP SHOT2013 Page 2 VGGlobal
    • Registration Dealer Registered under Delhi Every Dealer whose Sales Tax Turnover exceeds the Act, Works Contract Act taxable Quantum shall Voluntary Registration or Right to use Goods Act be liable to register from shall be automatically the day his turnover so registered exceeds.2013 Page 3 VGGlobal
    • Liability to Tax► Every dealer who is registered under this Act or who is required to be registered under this Act shall be liable to pay tax on taxable turnover at the rate specified in Sec. 4, i.e. a) Goods specified in First Schedule Exempt from tax b) Goods specified in Second Schedule @ 1% c) Goods specified in Third Schedule @4 d) Goods specified in Fourth Schedule @ 20% % f) Goods other than specified above @ 12.5% i.e., general rate► Taxable Quantum or threshold limit prescribed for making a dealer liable to pay tax & for registration is: a) For a dealer who imports goods for sale in Delhi Nil b) For a dealer who exports goods out of Delhi Nil c) For others Rs 10 Lakh2013 Page 4 VGGlobal
    • Documents Required for VAT Registration The application for registration is to be accompanied by the following:► An application for Registration is to be made in Form DVAT-04 with the prescribed fee.► A security not exceeding Rs 1 lakh is to be submitted along with the application for registration. The security amount can be reduced by a maximum of Rs 50,000 if you can provide certain documents with your registration application. The reduction in the security amount allowed for various documents is as follows.► Last paid electricity bill in your name, Last paid telephone bill in your name, A PAN number.► A document as proof of ownership of principal place of business.► A document as proof of ownership of residential property and a notarized photocopy of the passport of proprietor/ managing partner or managing director► Security may be in cash, bank guarantee, post office cash certificates, bonds/debentures, dealers surety, or mortgage of immoveable property. The surety for registration may be revised by the Commissioner under some circumstances.2013 Page 5 VGGlobal
    • Contd…► Proof of incorporation of the applicant dealer i.e.► Partnership Deed in case of Partnership firm► Certificate of Incorporation, MOA and AOA in case of Company► Certificate of registration, memorandum and articles in case of Society and Trust► Two Self Addressed Envelopes► NOTE : Amount of security can be reduced by the amount given in bracket in front of the documents if submitted with DVAT 04 but up to a maximum of Rs. 50,000/-► Copy of the last paid electricity bill (10,000)► Copy of the last paid telephone bill (5,000)► Pan of the applicant (10,000)► Proof of the resident of proprietor (30,000)► Proof of ownership of principal place of business (20,000)► Notarized copy of passport of proprietor (10,000)2013 Page 6 VGGlobal
    • RETURNS► DVAT Returns in form DVAT 16 is to be filled within 28 days from the end of the tax period along with proof of payment in DVAT 20 . The Tax Period along with proof of payment in DVAT 20. The return period is one month for the dealer having turnover of 5 crore or above and quarterly or monthly for others at their opinion . The return under .C.S.T Act shall be filed for the above period i.e. monthly or quarterly according to the tax period adopted for DVAT purposes► Besides return filed under CST Act, an annual reconciliation Statement shall also be submitted by 31st December along with statutory declarations forms such as C,D, E,F form etc. Reconciliation will be made and if there is any tax due for which forms are not received, tax shall be payable along with the reconciliation statement.► Revised return can also be filed if an error is detected by the dealer which has resulted in payment o f less tax. Revised return has to be filed in form DVAT 16 along with explanatory note and with payment of tax deficiency and interest . Return can be furnished within the period of 4 years. For dealer opting for composition scheme the revised return has to be furnished in DVAT 17. It must be noted that such revised return can be filed if there is lesser payment of tax. However, if the mistake results in excess payment of tax, return can not be revised but the dealer can file an objection under Section 74.2013 Page 7 VGGlobal
    • Contact us at: For more information or DVAT Registration contact us at Jatin Gupta Partner, VGGlobal VGGlobal Advisors Private Limited Add: 24/4818, Prahlad Street, Daryaganj, Ansari Road, Delhi-110002, Ph: 9891191000 Email: Jatingupta@vgglobal.co.in2013 Page 8 VGGlobal
    • Thank youVGGlobal© 2013 VGGlobal. All Rights Reserved. www.vgglobal.co.in