PRESENTSDELHI VAT AMENDMENTSHIGHLIGHTS - 2012 -13DATE: 15/05/2013Saturday, May 18, 2013 For information purpose only.
Registration Related ClauseRelaxation in limit of turnover for registration Taxable sales increased from Rs. 10 lacs to R...
Work Contract Tax – TDS Related ClauseRate of TDS on works contract Where the deductee – contractor /sub-contractor is no...
Work Contract Tax Related ClauseAs per new proviso inserted in section 16(1) w.e.f 01.04.2013, dealers willnot have option...
Requirement of Submission of Audit Report Now dealers don’t have obligation to furnish annual financial statements and au...
Introduction of Form T-2 Now Dealer having turnover more than 10 cr. have to submit online details of invoiceand goods re...
Submission of Online details of stockas on 31st March Every YearDealers are required to submit details relating to central...
Other Important amendment There will be a uniform Tax period, for all dealers irrespective of their turnover,which will b...
Other Important amendment Substitution of Return Form in DVAT-16 : Modification in the Form and insertion oftwo Annexure ...
Ask from our ExpertsEmail : contact@taxandlawdirectory.comWrite UsWe love to hear from you. Ask any thing we will get back...
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DELHI VAT AMENDMENTS HIGHLIGHTS - 2012 -13

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This is the summary of Delhi Vat Amendment

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DELHI VAT AMENDMENTS HIGHLIGHTS - 2012 -13

  1. 1. PRESENTSDELHI VAT AMENDMENTSHIGHLIGHTS - 2012 -13DATE: 15/05/2013Saturday, May 18, 2013 For information purpose only.
  2. 2. Registration Related ClauseRelaxation in limit of turnover for registration Taxable sales increased from Rs. 10 lacs to Rs. 20 lacs : which means there is norequirement of registration for dealers in Delhi until there turnover reaches over Rs.20 lacs in financial year. Dealers has to deposit their tax, with in 21 days of next month for the previousmonth irrespective of their tax liability. The commissioner shall not host the details of the dealers, whose registration statushas got cancelled on the department website for more than 3 months.Saturday, May 18, 2013 For information purpose only.
  3. 3. Work Contract Tax – TDS Related ClauseRate of TDS on works contract Where the deductee – contractor /sub-contractor is not registered under theDelhi VAT Act, rate of TDS on works contract has been increased from 4% to 6%. Where the deductee – contractor /sub-contractor is registered under the DelhiVAT Act, rate of TDS on works contract has been increased from 2% to 4%.Saturday, May 18, 2013 For information purpose only.
  4. 4. Work Contract Tax Related ClauseAs per new proviso inserted in section 16(1) w.e.f 01.04.2013, dealers willnot have options to pay tax u/s 16(1) where Government has notified acomposition scheme for a class of dealers u/s 16(12).Effect of Proviso With the insertion of said proviso, works contractor and dealers engaged in tradingof bullion, drugs and medicines could not opt for the general composition schemeu/s 16(1)(of 1%) w.e.f 01.04.2013 since a separate composition scheme has beennotified for them u/s 16(12) . With this amendment, petty works contractors, whose turnover is up to Rs.50 Lacsand paying tax under the Composition Scheme u/s 16(1) ,would be adverselyaffected.Saturday, May 18, 2013 For information purpose only.
  5. 5. Requirement of Submission of Audit Report Now dealers don’t have obligation to furnish annual financial statements and auditreports u/s 44 AB of IT act, 1961. Sale tax Commissioner is now authorized to notifythe forms, manner and time for furnish the audit report by the dealer. Commissioner has now given power to notify the dealers, whose turnover hasexceeded Rs.10 crores during 2011-12 or any subsequent year (except 100%exporters and exclusive dealers in exempted goods), shall furnish audit report for2011-12 and any subsequent years in Form AR-1 up to 15th November of thefollowing year. In case of failure of submission of Audit Report , Penalty to 1% of turnover or Rs. 1Lacs , whichever is less.Saturday, May 18, 2013 For information purpose only.
  6. 6. Introduction of Form T-2 Now Dealer having turnover more than 10 cr. have to submit online details of invoiceand goods receipt note in respect of all goods purchased/received as stock transferfrom outside Delhi, in Form T-2 w.e.f 01.04.2013, before the goods physically enterthe boundary of Delhi. In cases, the complete information in Form T-2 is not filed online before the goodsenter Delhi, the Delhi dealer shall not dispose of /sell/dispatch such goods till thevehicle No. in Form T-2 is updated online. However, if the vehicle No. is not available in advance, Form T-2 would need to befiled without vehicle No. and the vehicle No. would need to be updated within 24hours of receipt of the goods by the Delhi dealer.Saturday, May 18, 2013 For information purpose only.
  7. 7. Submission of Online details of stockas on 31st March Every YearDealers are required to submit details relating to central declaration forms receivedagainst the stock transfer or central sales made on concessional rates, centraldeclarations forms missing and tax deposited on account of missing forms quarterwise ,online using his login id and password ,for all quarters beginning 01.04.2011onwards in Form CD-1 . The last date for filing of information online in Form CD-1for every quarter shall be the same as the last date for submission of reconciliationreturn in Form DVAT-51 for the quarterSaturday, May 18, 2013 For information purpose only.
  8. 8. Other Important amendment There will be a uniform Tax period, for all dealers irrespective of their turnover,which will be “a quarter”. So every dealer has to file return on quarterly basis. Concept of optional Tax period has been withdrawn Form DVAT-55 is omitted Requirement to maintain new records in Form DVAT-30A and DVAT-31A-entry wisedetails of debit /credit notes relating to purchases and sales. Now dealer has to issues valid tax or retail invoice, for all the sells of goodsexceeding Rs.100/- in any one transaction to any person.Saturday, May 18, 2013 For information purpose only.
  9. 9. Other Important amendment Substitution of Return Form in DVAT-16 : Modification in the Form and insertion oftwo Annexure therein : Annexure 2C and 2D in relation to entry wise details ofdebit /credit notes relating to purchases and sales. Substitution of Return Form in DVAT-17 : Modification in the Form and insertion oftwo Annexure therein : Annexure 2A and 2B relating to summary of purchases andsales. Deposit of Tax within 15 Days from end of the month in which tax was deductedunder WCT.Saturday, May 18, 2013 For information purpose only.
  10. 10. Ask from our ExpertsEmail : contact@taxandlawdirectory.comWrite UsWe love to hear from you. Ask any thing we will get back soon !!Saturday, May 18, 2013 For information purpose only.

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