The VAT Forms under PVAT Act amended to provide for increase in rates and additional surcharge
The VAT forms i.e VAT 15 form has been updated in view of the change in the rate in the PVAT Act on schedule B goods from 4% to 5% and additional surcharge levied @ 10%. The next quarterly VAT Return under the PVAT Act 2005 is due to be filed in the next month of April.
All the software companies dealing in VAT E filling software’s and the dealers, C.As and Lawyers practicing PVAT Act and accountants have been waiting for the changes in the VAT return forms in view of the increase in VAT rate from 4% to 5% on schedule B goods and the surcharge levied @ 10% under the PVAT Act 2005. The relevant important changes made in the worksheet of VAT form 15 regarding the changed rate and surcharge is as follows:
| WORKSHEET | ||||
| 1 | BREAK UP OF TAXABLE SALES AND PURCHASES IN PUNJAB(EXCLUDING CAPITAL GOODS) | |||
| 1( a ) Rate | 1(b)Gross Sales | VAT | 1( c ) Gross Purchases | VAT |
| At 1% | ||||
| At 4% | ||||
| At 5% | ||||
| At 8.8% | ||||
| At 12.5% | ||||
| At 20% | ||||
| At 22% | ||||
| At 27.5% | ||||
| Surcharge | N/A | N/A | ||
| Other(Specify) | ||||
| Total | 0 | 0 | 0 | 0 |
The new updated VAT forms for E filing are now available at the official website of the Excise & Taxation Department Punjab.
Author: Amit Bajaj Advocate
Email: amitbajajadvocate@hotmail.com
Cell No: 9815243335
200 mtr plot area constructed 9 flat in plot I sale all flat and reinvestment in land and for construction. I gain profit from sale of flat. Deduction in profit in 80IB(10).
i) Is Surcharge include in value added tas in col. AMOUNT OF TAX in Form Vat-23 & Vat-24 ?
ii) Is Surcharge separately take in Vat Return Form-15 in worksheet (Break up)?
iii) Is Surcharge add in Output Tax in col.Sr.No.3 of OUTPUT TAX in Form-15.?
iv) Is excess Surcharge refundable as ITC ?
v) If any item sold by us in Punjab @12.50% + 10% surcharge = 13.75% then what is the rate for inter-state sale for the same item ? 12.50% or 13.75% ?
i) surcharge to be included in amountt of tax in VAT 23 & 24.
ii) In the worksheet of VAT 15 the surcharge needs to be shown seperately in the tax column
iii) In the output tax column sr no 3(a) of the form VAT 15, the output tax needs to be shown as including surcharge
iv) The excess surcharge on VAT input is refundable as well as adjustable in the same way as the excess VAT ITC .
As per newly added section 8-B(2) the surcharge on vat input and output will be treated in the same way as the vat output or input tax is treated under the Punjab VAT Act
v) The rate of CST in such case will be 13.75% i.e the state rate [as per section 8(2) of CST Act as ammended by taxation laws(Ammendment) Act of 2007] where the goods are sold interstate without C forms.
whether the entries under vat 23 and 24 to be done separately as 4%, 5% and 5.5% for a single party as we earlier entered under one column as in 4%.
yes different entries for single party should be done for more clarity.