Friday, September 20, 2013

Annual VAT return processing fees -Audit Limit under Punjab VAT Act increased


on Friday, September 20, 2013

Punjab Government has levied an Annual Processing Fee which is to be paid in the month of October every year. The proof of the payment of such fee is to be submitted along with Quarterly Returns.After these new rules even a person who is not liable to pay any tax even then has to pay annual processing fees. Further these fess is also made applicable for persons who have filed their return as NIL.

GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION 
(EXCISE AND TAXATION-II BRANCH ) 
NOTIFICATION The September , 2013 
No . . -
In exercise of the powers conferred by sub-section ( 1) of section 70 of the Punjab Value Added Tax Act
,2005 (Punjab Act NO . 8 of 2005 ),and a l l other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following rules further to amend the Punjab Value added Tax Rules , 2005 , namel -RULES 

(1 ) These rules may be called the Punjab Value Added Tax ( Amendment) Rules , 2013. 


( 2 ) They shall come into force on and with effect from the date of their publication in the Official Gazette. 
In the Punjab Value Added Tax Rules , 2005 for rule 40-A , the following rule shall be substituted , namely :-

" 40-A . Annual processing fee.- Every taxable person , shall pay annual processing fee , as specified in the Table given below , in the month of October every year , and shall attach a receipt challan , as the case may be , as a proof of payment of such fee along with the quarterly return , namely

Serial No.
Category of Dealer
Amount of Processing Fee    (in Rupees)
1.
Dealers who have not filled returns during financial year 2012-13
1500
2.
Dealers whose gross turnover was nil during previous financial year 
1500
3.
Dealers who have paid no tax and whose gross turnover is up-to-rupees –
i
One Crore
1500
ii
One Crore to Five Crore
2500
iii
Five Crore to Ten Crore
3500
Iv
Ten Crore and Above
5000
4.
All other Dealers
800

Increase In Audit Limit :Further Audit turnover limit under Punjab Vat act /Rules has also been increased to one crore from 50 Lakh earlier .These new rules shall come in to force with immediate effect .In our opinion it means that this increased limit shall also applicable for financial year 2012-13 also.

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