Summary of VAT notifications and circulars issued during the month of January 2010 in Punjab

Electronic submission of returns

With effect from the quarter ending December 31, 2009, electronic submission of returns has been made mandatory for:

• dealers claiming refund

• dealers having transactions of inter-state sales and inter-state purchases, either presently or previously anytime under the VAT regime

• dealers having made export of goods out of India during any of the previous periods under the VAT regime

• dealers who have received the certificate of registration after March 31, 2009

• dealers whose turnover during any of the previous years exceeded Rs. five crore

Further, with effect from the quarter ending March 31, 2010, it has been proposed to make electronic submission of returns mandatory for all the taxable persons.

Amendment to Notification No. S.O.21/P.O.5/2005/S.92/2005

Notification No. S.O.21/P.O.5/2005/S.92/2005; prescribing the conditions subject to which the concessions granted under the Punjab General Sales Tax (Deferment and Exemption) Rules,1991 continue to be availed by the industrial units has been amended. The amendment has been brought about in the conditions relating to utilization of notional input tax credit.