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:
“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No change as such, since annual return has been replaced by consolidated annexures.
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.
โEarlier, 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):
โAudit report was required to be submitted alongwith annual return, now the annual return has been replaced by annexures of consolidated details of turnover & tax.
Annual return has been replaced by “annexures of consolidated details of turnover & tax” as follows: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
Refund may be credited to any branch covered under CBS, earlier refund was credited only in the local branch of the concerned bank.