CORRECTIONS in VAT Form 15 carried out

Ludhiana/Amritsar, February 11, 2013: Corrections in VAT Form 15 have been carried out following a meeting between the delegation of Punjab Pradesh Beopar Mandal led by the state president Amrit Lal Jain and Excise and Taxation, Punjab Anurag Verma. The meeting was held on January 24 this year.

The mandal’s state president Amrit Lal Jain and state secretaries Sunil Mehra and Mohinder Aggarwal told City Air News this evening that the meeting was also attended by high official of the department in ETC’s office at Chandigarh. The meeting had lasted for two hours and after discussing their memorandum dated January 16, 2013 which was earlier forwarded through DTC Amritsar and also directly emailed to ETC Punjab. They further told that eight demands of the Mandal were accepted and duly corrections were made in VAT Form 15 and the same were uploaded on the website of the department.

They had made another representation on February 4 and 4 this year requesting the department that VAT 18 and Vat 19 where description of goods as per bill has been made mandatory. Mandal had requested the department that it is not possible to identify with code out of 1,700 items from the list hence this provision should be deleted. Only trade name which they use to give be mandatory.

Further, they told that during their discussion with ETC Punjab it was discussed that if any errors or mistakes creep in the returns filed by the dealers revised return shall be permitted to be filed. Mandal had also requested ETC in its representation dated February 4, 2013 that this provision be notified. A number of few suggestions were also made to the department for their consideration and simplification of the form.

“Due to cooperation of Punjab Government and ETC, Punjab we welcome the step of negotiations for the redressel of the grievances of traders”, said Jain.

Corrections carried in VAT Form 15 by ETC, Punjab:

1. In Vat 23,24 earlier information of city was further categorized into Amritsar-I and Amritsar-II and similarly for other cities also.

This information has been now corrected

2.Work sheet 1- Point 1G talked about percentage use of capital asset. The amendment has been brought to bring it in line with Rule 19.

1. No notional ITC is required to be reversed on inter- state sale of goods under law, but information on reversal of notional ITC on interstate sale was being called. This anomaly has also been corrected.
2. Point 5m under Calculation of Input Tax Credit should be worded reversal of ITC instead of retention of ITC. Appropriate correction has been made in the forms
3. In Work sheet 1, instead of using the words “apportionment with accounts maintained” should have been replaced by “apportionment where identification of goods is possible” so that information is according to Rule 23 and Rule 24. The anomaly has been corrected
4. Unnecessary Information regarding value of tax free Goods resold and total tax free sale also in Point IB of WS-1 has also been done away.

   7.   Further it was not possible to give detailed quarterly information required to be given in case of contractors, which required quarterly finalization of accounts putting undesired burden on unorganized sector of the economy. This also has been corrected.

8. Mandating the information on GR No. and date would have tantamounted to increasing unnecessary paper work. This has been made optional.