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:
|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|
The new updated VAT forms for E filing are now available at the official website of the Excise & Taxation Department Punjab.