Compulsorily filing of E return1
With effect from 1 July, 2010, a registered dealer whose gross annual turnover exceeds Rs 40 lakhs, is now required to file the return electronically.
Penalty for Non/late submission of return/annual return1
With effect from 1 July, 2010, if a company registered under Companies Act, 1956 fails to file return/annual return on due date then the commissioner can impose penalty not exceeding Rs 5000/-.
Non/Partial Entitlement of Input tax credit2
With effect from 29 June, 2010, Input Tax Credit would not be available on Naphtha, Natural & Associated gas and
L.S.H.S used in manufacturing fertilizers .Further, with effect from 01 July, 2010 on all goods except Gold, Silver and other precious metals, the Input tax credit shall be reduced to the extent of 2% on taxable turnover of purchase when
Extension in due date for submission of annual return3
The due date for submission of annual return for the year 2009-10 has been extended up to 31 July, 2010.
Extension of time limit under amnesty scheme4
Time limit under Amnesty Scheme has been extended from 30 June, 2010 to 30 September, 2010.
Mandatory requirement of making e-payment by the dealer5
With effect from 1 June, 2010, every dealer liable to file monthly return shall make payment electronically of any amount due under MVAT Act, 2002.
Input Tax Credit eligibility6
With Effect from 09 June 2010, Any registered dealer, who has sold goods at a price lesser than the price of the goods purchased by him, is now required to reverse the amount of the input tax credit over and above the output tax paid on those goods.
Change in classification of dealers required to file returns electronically7
From April 1, 2010 onwards following dealers would be required to file returns electronically
Earlier, dealers having tax liability of more than 5 lakhs (excluding CST) were required to file return electronically.
Entry Tax on Natural Gas8
With effect from 29 June, 2010, entry tax @ 5% has been introduced on natural gas.
Rebate allowed on sale or purchase of Natural Gas9
With effect from 29 June, 2010, rebate to the extent of the amount of tax payable by a dealer on sale or purchase of natural gas under the Uttar Pradesh Value Added Tax Act, 2008 is allowed subject to the condition that the amount of rebate shall not exceed the amount of entry tax levied.
Dematerialized CST Forms10
With effect from 01 July, 2010, dematerialization of “C” and “F” Forms under the CST Act has been introduced. In the new scheme the respective forms will be available to the dealer after furnishing the VAT and CST Returns online. After submission of the return, the dealer may conveniently log on to the Directorate’s website www.wbcomtax.gov.in with his user account and password and click on the ap propr ate link for generation of the “C”/”F” forms. Once the dealer opts for generation of the forms, he will not be allowed to revise the returns filed for that quarter.
1. Notification No. F-10/ 32 /2010/CT/V (51) dated 25 June, 2010
2. Notification No. (GHN-14) VAT-2010-S.11 (6) (2) dated 29 June, 2010
3. Circular No.14/2010 No. C1-18265/1 0/CT dated 30 June, 2010
4. Circular No.13/2010 No.C1-4 7960/09/CT dated 30 June, 2010
5. Notification No 1510/CR64 dated 26 May ,2010
6. Tamil Nadu Value Added Tax (Second Amendment)Act, 2010 dated 09 June, 2010
7. Notification No.F. 16(375)Tax/VAT/CCT/06/179 dated 29 June ,2010
8. Notification No KA.NI.-2-901/XI-9(81)/91-U.P.Act-30-2007-Order-(61)-2010 dated 28 June ,2010
9. Notification No KA.NI.-2-939/XI-9(81)/91-U.P.Act-30-07-Order-(62)-20102010 dated 28 June ,2010
10. Circular No. 7 /2010 dated 22 June, 2010