Available new stat 238 from 11th February, 2015

Odisha :

• In adherence to the notification, to support works contract at 1% and 5% VAT rates, the following VAT/Tax classifications have been provided:
  • Output VAT – Works Contract @ 1%/ Sales – Works Contract @ 1%
  • Output VAT – Works Contract @ 5%/ Sales – Works Contract @ 5%

    Note : Currently, the values of transactions recorded using the aforesaid classifications will be captured in the VAT Computation report. In the forthcoming product release, the functionality will be enhanced to capture the values of entries recorded in the relevant VAT Forms

Punjab:

• In adherence to the notification, to support the change in VAT rate from 4.5% to 2.5% , the following VAT/Tax classifications have been provided :
  • Input VAT @ 2.5% – (JobWork)/ Purchases @ 2.5% (JobWork)
  • CST – Works Contract @ 2.5%/ Interstate Sales – Works Contract @ 2.5%
  • Output VAT – Works Contract @ 2.5%/Sales – Works Contract @ 2.5 %
    Note : Currently, the values of transactions recorded using the aforesaid classifications will be captured in the VAT Computation report. In the forthcoming product release, the functionality will be enhanced to capture the values of entries recorded in the relevant VAT Forms.

Telengana :

• In adherence to the notification, to support the revised VAT rates of 35.20% on petrol, and 27% on diesel, the following VAT/ Tax classifications have been provided :
  • Output VAT @ 35.20% Special Rate/ Sales @ 35.20% Special Rate
  • Output VAT @ 27% Special Rate/ Sales @ 27% Special Rate
    Note : Currently, the values of transactions recorded using the aforesaid classifications will be captured in the VAT Computation report. In the forthcoming product release, the functionality will be enhanced to capture the values of entries recorded in the relevant VAT Forms.

Uttar Pradesh :

• In adherence to the notification, to support the revised VAT rates of 26.80% for petrol  and 17.48% for diesel , the following VAT/Tax classifications have been provided.

• Input VAT @1.10%/ Purchases @ 1.10%
• Output VAT @1.10%/ Sales @ 1.10%
• Output VAT @1.10% to URDs
• Purchases From URDs – Taxable Goods @ 1.10%
  For Schedule III (other than declared) and Schedule IV Goods
•  Input VAT @4.5%/ Purchase @ 4.5%
• Output VAT @4.5%/ Sales @ 4.5%
• Output VAT @4.5% to URDs
• Purchases From URDs – Taxable Goods @ 4.5%
• Purchase – Capital Goods @ 4.5%
  For Schedule V Goods
•  Input VAT @13.5%/ Purchase @ 13.5%
• Output VAT @13.5%/ Sales @ 3.5%
• Output VAT @13.5% to URDs
• Purchases From URDs – Taxable Goods @ 13.5%
• Purchase – Capital Goods @ 13.5%
  For Schedule VI Goods
• Input VAT @ 22%/ Purchase @ 22%
• Output VAT @ 22%/ Sales @ 22%
  For all types of Liquor, Beer and other alcoholic drinks
•  Input VAT @25%/ Purchase @ 25%
• Output VAT @25%/ Sales @ 25%
  Note : Currently, the values of transactions recorded using the aforesaid classifications will be captured only in the VAT Computation report.In the forthcoming Stat.900 releases, the functionality will be enhanced to capture the value of entries
  recorded using these VAT/Tax classifications in relevant forms.

Uttarakhand :

• In adherence to the notification, to support the change in VAT rate for Timber and liquor from 20% to 15%, the following VAT/Tax classifications have been provided, with effect from 25 December, 2014:
  •  CST @ 26.80% (Non VATable)/ Interstate Sales @ 26.80% (Non VATable)
  • Output VAT @ 26.80% (Non VATable)/ Sales @ 26.80% (Non VATable)
  • Purchase Tax @ 26.80% (Non VATable)/ Purchase From URDs –Non Taxable Goods @26.80%
  • Purchases @26.80% (Non VATable)
  • Purchases – Composition Tax @ 26.80% (Non VATable)
  • CST @ 17.48% (Non VATable )/ Interstate Sales @ 17.48% (Non VATable)
  • Output VAT @ 17.48% (Non VATable) / Sales @ 17.48% (Non VATable)
  • Purchase Tax @ 17.48% (Non VATable) / Purchase From URDs –Non Taxable Goods @17.48%
  • Purchases @ 17.48% (Non VATable)
  • Purchases – Composition Tax @ 17.48% (Non VATable)
    Note : Currently, the values of transactions recorded using the aforesaid classifications will be captured in the VAT Computation report. In the forthcoming product release, the functionality will be enhanced to capture the values of entries recorded in the relevant VAT Forms

And more….

Download Stat 238