tnvat.gov.in - VAT Questions and Answers Full
Details. www. tnvat.gov.in Value Added Tax, What specified goods entry tax is
payable, Way Bills, Tax Invoice , Tax Rates, VAT Registration details are given
below.......
1.
What is Tax invoice?
Ans:
Tax invoice is popularly known as bill, which should contain details of sale
such as name and address of the purchaser with his TIN, name of goods, quantity
of goods sold, its value etc. and tax rate and amount charged separately. This
invoice / bill is to be issued in duplicate, the original for purchaser and
duplicate to be retained by the selling dealer.
2.
rates of tax under VAT?
Ans:
The rates are 1%, 4% and 12.5% on goods eligible for input tax credit.
3.
How to renew my VAT registration?
Ans: There is no renewal of registration under VAT
and it is permanent till it is cancelled by the Department or on stoppage of
business when reported by the dealer.
4.
What Will there be any random check of accounts?
Ans:
Yes. The Commissioner of Commercial Taxes, may select assessments not exceeding
20% of total self assessments in the State for detailed check of accounts. The
details of such selection shall be placed on notice board in the assessment
circle and in the department websites The accounts which are selected for
detailed check shall be called and checked by assessing authority. After check,
the assessing authority either accept and confirm the self assessment already
passed or revise the assessment.
5.
How is the certificate of registration issued?
Ans:
The registered authority shall acknowledge the receipt of application filed by
the dealer. Thereafter, he shall issue certificate of registration within 30
days from the date of receipt of application. In order to speed up the process
of registration one can utilise the e-services through web sites of the
department www.tnsalestax.com, or www.tnsalestax.gov.in or www.tnvat.gov.in
6.
What are the obligations of VAT registration?
Ans:
Once registered, you will have to account for output tax that is attributable
to your taxable sales. You will also have to submit VAT returns monthly to the
Commercial Taxes Department and keep proper books of accounts.
8.
which specified goods entry tax is payable?
Ans:
Tax at the rate of 1% has been specified for following specified goods:
1 Goods referred to in Schedule C of the West Bengal
Value Added Tax Act, 2003 excluding the following:
(a) Agricultural implements not operated manually or
not driven by animal;
(b) Bamboo including split bamboo, kite sticks and
cut bamboo, and cane;
(c) Chemical fertilizers including basic slag,
pesticides, weedicides, insecticides, germicides, fungicides and herbicides,
other thanbleaching powder;
(d) Groundnut or peanut seed as referred to in
sub-clause (i) and rapeseed and mustard seed as referred to in sub-clause (iv),
of clause (6) ofsection 14 of the Central Sales Tax Act, 1956;
(e) Tea;
(f) Tractors, threshers, harvesters;
(g) Newsprint for the purpose of printing of
newspaper in West Bengal.
2 Goods referred to in Schedule CA of the West BengalValue
Added Tax Act, 2003.
3 Goods referred to in Schedule D of the West Bengal
Value Added Tax Act, 2003.
4 Foreign liquor, whether made in India or not,
including brandy, whisky, vodka, gin, rum, liqueur, cordials,, bitters, and
wines, or a mixture containing any of these, as also beer, ale, porter, cider,
perryand similar potable fermented liquors, as specified in Schedule VIII of
the West Bengal Sales Tax Act, 1994.
9.
How can I generate way bill?
Ans:
Guideline for new procedure of generation of e-WayBill:
1. New system of e-Waybill introduced w.e.f.
24.01.2012.
2. In this system, the Waybill (Form 50A) has no
Part I or Part II.
3. Consignee has to generate Waybill Key Number
(earlier Part I Key No.) and get print out of the Acknowledgement Slip.
4. No provision to print Part I in new system.
5. Acknowledgement contains all the generated Key
Numbers (in random order).
6. Consignee has to convey the required Key Number
to the Consignor/ Authorised Agent via phone/mail/sms.
7. Consignor/ Authorised Agent then have to use the
Key Number to generate Waybill in Form 50A (earlier Part II).
8. During movement, the vehicle has to carry one
print out of Form 50A and one print out of Invoice details only in duplicate
(No Part I or Part II).
9. Part I Key Numbers generated before introduction
of the new system, for which no Part II is generated yet, can be used in the
new system for generation of waybill.
10. In old system, Key Nos. have 15 characters while
in new system, Key Nos. have 17 characters. Both can be used in the new system.
11. Already generated Part II through old system can
be printed using the new system.
12. All other procedures remain same.
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