Up vat: amendment in rules

Vide N/N 684/XI-9(295)/114-2014, dated 27th June’14, Uttar Pradesh VAT Rules, 2008 have been amended. Glimpse has been produced hereinbelow in a simplified manner: 

• Rule 2(definitions):​
  • “Assessing authority” shall include Joint Commissioner/Additional Commissioner of the audit wing;
  • “Accountant” to include CS & CWA as well, apart from earlier definition of accountant which included only CA;
  • Henceforth, CS/CWA can also appear in front of departmental authorities.
• Rule 20(submission of inventories):​
  • Closing stock on last day of assessment year shall be required to be submitted alongwith annexures of consolidated details of tax & turnover, earlier it was required to be furnished alongwith annual return.
  • No change as such, since annual return has been replaced by consolidated annexures.
• Rule 21/22(RITC):​
  • While computing RITC(i.e. Reversal of Input Tax Credit), earlier, tax rate on respective commodities under UP VAT was taken. Now, CST rate(i.e. 2% presently) shall be taken into consideration.
• Rule 32/32-A(Registration):
  • ​Earlier, bank passbook was also considered as address proof, now, such bank passbook should embody the photograph of the account holder being attested by the Branch Manager of the concerned bank.
• Rule 42(Audit by specified authority):
  • ​Audit report was required to be submitted alongwith annual return, now the annual return has been replaced by annexures of consolidated details of turnover & tax.
• Rule 45(Returns):​
  • Annual return has been replaced by “annexures of consolidated details of turnover & tax” as follows:
    • Form LII-A for exclusively dealing in local purchase & sale;
    • Form LII-B for works contractors or dealing in right to use any goods;
    • Form LII for remaining dealers
  • And erstwhile forms(XXVI, XXVI-A,XXVI-B) don’t exist anymore.​
• Rule 50(Refund):
  • Refund may be credited to any branch covered under CBS, earlier refund was credited only in the local branch of the concerned bank.