Tuesday, September 2, 2014

RULES OF RVAT RETURN FILING AND LATE FEE

11. Amendment of rule 19.- in rule 19 of the said rules,

i) the existing sub-rule (2), shall be substituted by the following, namely:“ 
               (2) Every dealer shall submit return electronically through the official website of the department, unless otherwise  notified by the Commissioner. The return shall be digitally signed by the dealer or his business manager. However,  where the dealer has given his consent to use the official website for submitting return in the prescribed manner,   he may submit return without digital signature. However, for the period prior to 01.04.2014, if the dealer has failed  to furnish the signed copy of acknowledgement generated through the official website of the department, within the time prescribed under the rules which were in force at that time, the date of submission of signed copy of said acknowledgement shall be deemed to be the date of the filing of the return.
    
(ii) in existing sub-rule (4)- 

                     (i) for existing punctuation mark “.“ appearing at the end. the punctuation mark “:“ shall be substituted. 

                 (ii) after the punctuation mark “:“, so substituted, the following proviso shall be added, namely.‘ Provided that in case dealer who is required to get his accounts audited under section 44AB of the Income Tax Act, 1961 (Central Act No. 43 of 1961), may submit return within nine months from the end of the relevant year.” 
(iii) in sub-rule (6), for the existing expression “ten months”, the expression “nine months” shall be substituted. 

(iv) the existing sub-rule (8), shall be substituted by the following, 
namely:“ 
                 "(8) Where a dealer discovers any omission or error in Form VAT-10 or Form VAT-10A or Form VAT-11 furnished by him, he may revise such return and furnish the revised return within nine months from the end of the relevant year but dealer cannot revise return after issue of any notice under section 25 or section 27, as the case may be, whichever is earlier. However, where any notice under sub-section (1) of section 24 has been issued, the dealer may furnish revised return in pursuance of the notice within such time as has been provided in the said notice.” 
(v) in sub-rule (9) for the existing expression “01.04.2011”, the expression “01.04.2014” shall be substituted. 

(vi)
the existing sub-rule (10), shall be substituted by the following, namely: 
                      "(10) No return shall be entertained where the dealer has:-
                   i) not furnished the return(s) for the previous quarter(s) or year(s), as the case may be; or
                         (ii) failed to deposit due tax late fee and interest, if any, before furnishing the return(s).
                        (11) Where
a dealer who had opted for, payment of tax in accordance with the provisions of sub-section (2) of sectIon 3 or payment of lump suni in lieu of tax in accordance with section 5, and opted out from the said option before the end of a year, such dealer shall submit the details of turnover from the beginning of year up to the date of opting out, in the return in form VAT-b pertaining to the quarter in which he opted out”




12. SubstitutIon of rule 19A.- The existing rule 19A of the said rules shall be substituted by the following. namely.“ 


19A. Late fee.- Where a dealer furnishes the return after the
prescribed time, be shall pay a late fee of 

          i) rupees twenty per day subject to a maximum of rupees one thousand, in case there is no turnover of the dealer during the period under return; and 

            (ii) 0.05% of the net tax payable per day, subject to a minimum of Rs. 50 per day and a maximum of Rs. 500 per day; 

Provided that the total late fee shall not exceed 10% of net tax payable for that quarter! year subject to a minimum of Rs. one thousand and a maximum of rupees twenty five thousand, in all other cases.” 

Monday, September 1, 2014

INPUT TAX CREDIT RULES OF RVAT RAJASTHAN


Amendment of rule 18.- In rule 18 of the said rules,

I) the existing sub-rule (1), shall be substituted by the following, namely:“
(1) The input tax credit shall be allowed on the basis of
original VAT invoice and where such invoice has been lost or destroyed, on the basis of duplicate copy thereof issued to him in accordance with sub-rule
(4) of rule 38. However, claim of input tax credit of the additional tax deposited may be allowed on the basis of VAT invoice which has been issued subsequently in compliance of the decision of any competent court or authority, showing the tax at higher rate. The extent of input tax credit available to a registered dealer shall be equal to the amount of tax paid on purchases in the State as evident from the VAT invoice, subject to the following conditions:
i) that such dealer has maintained a true and correct separate account of his purchases against
VAT invoices in Form VAT-07 and submits the summary thereof in Form VAT-07A, along with the return prescribed in rule 19.

(ii) that such dealer has maintained a true and correct separate account of his sales in Form VAT-08 and submits summary thereof In Form VAT-08 A, along with the return prescribed in rule 19.

(iii) that the amount of input tax credit for a tax period shall not be more than the amount verified in the manner notified under sub-section (2) of section 18 of the Act.

Note: In Form VAT-07, VAT-07A, VAT-08 and VAT-O8A, the VAT invoices shall be entered in the quarter in which the date of invoice falls, even if the receipt of goods is spread over to different quarters in a year or years.”


(II) in clause (1) of sub-rule (10), for the existing expression “to this effect,
on a plain paper”, the expression In Form VAT- 06D electronically through the official web-site of the Department in the manner provided therein” shall be substituted.

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