Up vat: amendment in rules


Chartered Accountant

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):โ€‹
    • “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):โ€‹
    • 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    • No change as such, since annual return has been replaced by consolidated annexures.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):โ€‹
    • 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):
    • โ€‹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):
    • โ€‹Audit report was required to be submitted alongwith annual return, now the annual return has been replaced by annexures of consolidated details of turnover & tax.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):โ€‹
    • Annual return has been replaced by “annexures of consolidated details of turnover & tax” as follows: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.โ€‹
  • 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.
 
Reply   
 

Dear Sir,

I have a branch in Ghaziabad, Uttar Pradesh. The branch makes several stock transfer of materials against Form 'F' related to local purchase ( I.e. we have also made local purchase).   

            I want to know how the  RITC calculation . i am sharing one example please guide me. (also attached the same excel sheet)

 

Please help

RITC Calculation Zhaziabad (UP)

Type

Particulars

Amount

Tax

Total Amount

 

 

 

 

 

Purchase

Local Puchase

500000

25000

525000

CST Purchase

50000

1000

51000

 

     

 

 

 

 

 

 

Stock Transfer

Stock Trasfer IN

40000

0

40000

 

 

 

 

Stock Transfer Out

1000000

0

1000000

 

     

 

 

 

 

 

 

Sale

Local Sale

35000

5075

40075

CST Sale

40000

800

40800

Export Sale (H Form)

50000

0

50000

Zero % Sale Under UP

42000

0

42000

 

     

 

 

     

 

RITC Calculation (UP) for ITC Claim Amount

     

 

     

 

     

 

     

 

 

 

 

 

 

 

Thanks & Regards,

 

Golakh behari Biswal

91-8826841206

 



Attached File : 729377 20160113135317 ritc calculation format.xlsx downloaded 109 times
 
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