Sunday, April 13, 2008
APRIL 2008 NewsLetter
COMPLIANCE CHART APRIL, 2008
Compliance subject
Requirement under the compliance
Due date
Form
Periodicity
Penal Consequences
TDS - IT
Payment of TDS for March, 2008
07-Apr
ITNS - 281
Monthly
Int - 12% pa/ Penalty - Max upto TDS amount
Labour laws
Provident Payment
15-Apr
Monthly
Penalty - Upto Rs25000
Labour laws
ESIC Payment
21-Apr
Monthly
Int - 12% pa/ Penalty - Max upto Rs25000
VAT
Payment of Tax
21-Apr
231-235
M/ Q/ H
Int - 15% pa/ Penalty - Max upto Rs2000
CST
Payment of Tax
21-Apr
IIIE
M/ Q/ H
Int - 15% pa/ Penalty - Max upto Rs2000
Service Tax
Filing of half yearly return
25-Apr
ST - 3
Half yearly
Late filing fees - 500 to 2000
Profession Tax
Payment of Tax
30-Apr
III
Monthly
Int - 15% pa/ Penalty - Max upto Rs300
Important changes for filing of VAT returns for the financial year beginning April, 2008. You are advised to take note of the following amendments:
1. Changes in VAT forms;
2. Electronic filing of returns mandatory in certain cases;
3. Changes in limit for deciding periodicity of filing VAT Returns.
1. Change in VAT Return forms
1.1. The Sales Tax Department, Maharashtra has notified new return cum challan forms for dealers[1].
1.2. The new forms are numbered from 231 – 235 and accordingly they shall replace the existing forms numbered from 221 – 225.
1.3. The Sales Tax Department shall provide templates of the forms 231, 232, 233, 234 and 235 on the website http://www.mahavat.gov.in/ and http://www.vat.maharashtra.gov.in/The dealer can down load these forms from the menu download section of the website. All the returns including the returns for the earlier period should now be filed in the aforesaid new return forms.
1.4. Thus, all the returns filed after 1st April 2008 (including the returns for the earlier period, if any) should invariably be in the new return form[2].
2. Electronic filing of returns made mandatory in certain cases:
2.1. Sub-rule (5) of rule 17 is substituted. The substituted sub-rule provides for filing of returns electronically. The registered dealer liable to file return electronically should first make the payment of tax along with interest, if any, in challan 210 in the designated banks. As per the notification issued by the Commissioner of Sales Tax the registered dealers whose tax liability during the previous year was Rs. one Crore or more, shall make payment and file electronic returns as provided in the said sub-rule (5). For the purposes of the notification, the expression ‘tax liability’ has the same meaning as assigned to it in the Explanation-I to sub-rule (4) of the said Rule 17.
2.2. These dealers shall file the return electronically in the respective form applicable to them. The templates of new return form are provided on the new website of the Sales Tax Department http://www.mahavat.gov.in/. Every dealer to whom the above notification applies shall download the relevant template of the form and after making data entry in the relevant field upload it using his digital signature. The uploading shall be done on or before the due date prescribed for filing of the returns. The system shall generate an acknowledgement in duplicate.
2.3. However, if the dealer does not have or has not used digital signature then he shall submit a copy of the acknowledgement duly signed by an authorised person within 10 days from the uploading of the return to the respective authority specified in sub-rule (2). For the time being if a dealer is with LTU a copy of the acknowledgement may be submitted to their respective officer of the Large Tax Payers Unit (LTU) who is regularly in liaison with the dealer.
2.4. To facilitate filing of e-return, detailed guidance note explaining the procedure to file of e-return is placed on the website http://www.mahavat.gov.in/. If any dealer requires further assistance for filing of e-return he may contact the respective liaison officer who has been assigned for this job. If dealer requires further assistance in filing e-return, he or his authorised representative may visit respective Sales Tax authorities wherein he will guide regarding the e-filing of return. A dedicated help desk is also created in Mazgaon Office to answer the queries pertaining to e-returns. The dealer may contact the help desk at 022-23735621/ 022-23735816.
2.5. Since this is the first month for filing of e-return, the dealers may face some difficulties in preparing and uploading the electronic return. Considering the likely difficulties faced by the dealers, a concession is provided only for this month to upload the e-return even after the due date i.e. 21st March 2008, but on or before 31st March 2008. The e-return uploaded up to 31st March 2008 shall not be treated as late, provided the payment of tax as per return is made on or before due date. This concession is applicable only for the first month and for the subsequent period the dealers will remain required to upload the return on or before the due date.
3. Changes in limit for deciding periodicity of filing VAT Returns[3]
3.1. The Maharashtra Value Added Tax (Second amendment) Rules, 2007 have made certain amendments in the Rules. Important points to be taken note of have been tabulated below:
Sr
Periodicity
Existing
Effective 01.04.2008
1
Monthly returns
Previous years’ liability exceeded Rs.1,00,000
The limit of Rs.1,00,000 has been increased to Rs.10,00,000[4]
2
Quarterly returns
Previous years’ liability exceeded Rs.36,000
The limit of Rs.36,000 has been increased to Rs.1,00,000[5]
3
Half yearly returns
Previous years’ liability was less than Rs.36,000
The limit of Rs.36,000 has been increased to Rs.1,00,000[6]
[1] Notification No VAT/1507/CR-94/Taxation-1 Dated:-14th March, 2008
[2] Trade Cir. No.8 T of 2008 dated 19th March, 2008
[3] Notification number VAT-1507/CR-17/ Taxation – I dated 30.10.2007 amending MVAT Rules, 2005
[4] In case of refund the above figure should be substituted for Rs.1 crore
[5] In case of refund the above figure should be substituted for Rs.10 Lakhs
[6] In case of refund the above figure should be substituted for less than Rs.10 Lakhs
Compliance subject
Requirement under the compliance
Due date
Form
Periodicity
Penal Consequences
TDS - IT
Payment of TDS for March, 2008
07-Apr
ITNS - 281
Monthly
Int - 12% pa/ Penalty - Max upto TDS amount
Labour laws
Provident Payment
15-Apr
Monthly
Penalty - Upto Rs25000
Labour laws
ESIC Payment
21-Apr
Monthly
Int - 12% pa/ Penalty - Max upto Rs25000
VAT
Payment of Tax
21-Apr
231-235
M/ Q/ H
Int - 15% pa/ Penalty - Max upto Rs2000
CST
Payment of Tax
21-Apr
IIIE
M/ Q/ H
Int - 15% pa/ Penalty - Max upto Rs2000
Service Tax
Filing of half yearly return
25-Apr
ST - 3
Half yearly
Late filing fees - 500 to 2000
Profession Tax
Payment of Tax
30-Apr
III
Monthly
Int - 15% pa/ Penalty - Max upto Rs300
Important changes for filing of VAT returns for the financial year beginning April, 2008. You are advised to take note of the following amendments:
1. Changes in VAT forms;
2. Electronic filing of returns mandatory in certain cases;
3. Changes in limit for deciding periodicity of filing VAT Returns.
1. Change in VAT Return forms
1.1. The Sales Tax Department, Maharashtra has notified new return cum challan forms for dealers[1].
1.2. The new forms are numbered from 231 – 235 and accordingly they shall replace the existing forms numbered from 221 – 225.
1.3. The Sales Tax Department shall provide templates of the forms 231, 232, 233, 234 and 235 on the website http://www.mahavat.gov.in/ and http://www.vat.maharashtra.gov.in/The dealer can down load these forms from the menu download section of the website. All the returns including the returns for the earlier period should now be filed in the aforesaid new return forms.
1.4. Thus, all the returns filed after 1st April 2008 (including the returns for the earlier period, if any) should invariably be in the new return form[2].
2. Electronic filing of returns made mandatory in certain cases:
2.1. Sub-rule (5) of rule 17 is substituted. The substituted sub-rule provides for filing of returns electronically. The registered dealer liable to file return electronically should first make the payment of tax along with interest, if any, in challan 210 in the designated banks. As per the notification issued by the Commissioner of Sales Tax the registered dealers whose tax liability during the previous year was Rs. one Crore or more, shall make payment and file electronic returns as provided in the said sub-rule (5). For the purposes of the notification, the expression ‘tax liability’ has the same meaning as assigned to it in the Explanation-I to sub-rule (4) of the said Rule 17.
2.2. These dealers shall file the return electronically in the respective form applicable to them. The templates of new return form are provided on the new website of the Sales Tax Department http://www.mahavat.gov.in/. Every dealer to whom the above notification applies shall download the relevant template of the form and after making data entry in the relevant field upload it using his digital signature. The uploading shall be done on or before the due date prescribed for filing of the returns. The system shall generate an acknowledgement in duplicate.
2.3. However, if the dealer does not have or has not used digital signature then he shall submit a copy of the acknowledgement duly signed by an authorised person within 10 days from the uploading of the return to the respective authority specified in sub-rule (2). For the time being if a dealer is with LTU a copy of the acknowledgement may be submitted to their respective officer of the Large Tax Payers Unit (LTU) who is regularly in liaison with the dealer.
2.4. To facilitate filing of e-return, detailed guidance note explaining the procedure to file of e-return is placed on the website http://www.mahavat.gov.in/. If any dealer requires further assistance for filing of e-return he may contact the respective liaison officer who has been assigned for this job. If dealer requires further assistance in filing e-return, he or his authorised representative may visit respective Sales Tax authorities wherein he will guide regarding the e-filing of return. A dedicated help desk is also created in Mazgaon Office to answer the queries pertaining to e-returns. The dealer may contact the help desk at 022-23735621/ 022-23735816.
2.5. Since this is the first month for filing of e-return, the dealers may face some difficulties in preparing and uploading the electronic return. Considering the likely difficulties faced by the dealers, a concession is provided only for this month to upload the e-return even after the due date i.e. 21st March 2008, but on or before 31st March 2008. The e-return uploaded up to 31st March 2008 shall not be treated as late, provided the payment of tax as per return is made on or before due date. This concession is applicable only for the first month and for the subsequent period the dealers will remain required to upload the return on or before the due date.
3. Changes in limit for deciding periodicity of filing VAT Returns[3]
3.1. The Maharashtra Value Added Tax (Second amendment) Rules, 2007 have made certain amendments in the Rules. Important points to be taken note of have been tabulated below:
Sr
Periodicity
Existing
Effective 01.04.2008
1
Monthly returns
Previous years’ liability exceeded Rs.1,00,000
The limit of Rs.1,00,000 has been increased to Rs.10,00,000[4]
2
Quarterly returns
Previous years’ liability exceeded Rs.36,000
The limit of Rs.36,000 has been increased to Rs.1,00,000[5]
3
Half yearly returns
Previous years’ liability was less than Rs.36,000
The limit of Rs.36,000 has been increased to Rs.1,00,000[6]
[1] Notification No VAT/1507/CR-94/Taxation-1 Dated:-14th March, 2008
[2] Trade Cir. No.8 T of 2008 dated 19th March, 2008
[3] Notification number VAT-1507/CR-17/ Taxation – I dated 30.10.2007 amending MVAT Rules, 2005
[4] In case of refund the above figure should be substituted for Rs.1 crore
[5] In case of refund the above figure should be substituted for Rs.10 Lakhs
[6] In case of refund the above figure should be substituted for less than Rs.10 Lakhs
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