Date of filing of VAT-15 return extended upto August 20

Ludhiana, July 24, 2014: The date of filing of VAT-15 return has been extended upto August 20, 2014. According to Ashok Kumar Juneja, President & B.R. Kaushal, Secretary general, Punjab Tax Bar Association (PTBA) the large number of representatios by PTBA, other tax bars of Punjab, Chambers of Commerce, various trade & industrial associations & lawyers were sent to ETC (Punjab) that dealers & their counsels were unable to fill worksheet-7 due to certain complications and shortage of time and in many cases the balance sheet / stock as of March 31, 2014 are not ready yet.

Juneja&Kaushal said that ETC favourably considered the difficulties & problems of dealers, their counsels & tax bars. AnuragVerma, ETC (Punjab) issued public notice dated July 24, 2014 by virtue of which the following changes have been made in VAT-15 for the first quarter of 2014-15:

•              An option in VAT-15 has been given to the dealers to indicate that they are unable to fill Worksheet-7. If a dealer chooses this option, he will be able to fill his VAT-15 return in the earlier VAT-15 format and his ITC will come from WS-6 as earlier.

•              Those dealers who choose to fill WS-6 instead of WS-7, will be required to fill the WS-7 at the time of filing of return for the second quarter and if they have paid less tax in the first quarter due to excess credit of ITC on account of filing WS-6, they will be required to pay tax due (if any) for the Quarter-1 along with the return of second quarter, as per the provisions of PVAT Act/Rules.

•              Moreover, an option is also given in WS-6 to reserve the estimated ITC in the light of Section 13 (1) of Punjab Value Added Tax Act, 2005.

•              Kindly note that tax liability of the dealers will continue to remain as per the revised provisions of Section 13(1) of PVAT Act, 2005.

Arun Kanwal, Secretary (PTBA) & President of District Taxation Bar Association (Sales Tax) stated that large number of refunds are pending with the department in various districts despite of the fact that at present there is no shortage of funds & revenue as claimed by Punjab Government on various occasions. He demanded that pending RTGS may be sent to dealers quickly. // ludhiana news, punjab news, india news, trade,