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Quarterly Returns

Rule 23(10) inserted by G.O.Ms.No.517 dated:23rd April, 2007 mandates that all dealers to file an additional quarterly return for the quarters ending March, June, September and December containing the details of sales & purchases of taxable goods made within the state.

The prescribed forms of quarterly returns are as follows:  

FORM TOT 060A
Quarterly Return of Purchases By TOT Dealers
FORM TOT 060B
Quarterly Return of Sales by TOT Dealers
FORM VAT 226A
Quarterly Return of Purchases by VAT Dealers  
FORM VAT 226B
Quarterly Return of Sales to other VAT Dealers  
FORM VAT 227A
Quarterly Return of Purchases from TOT Dealers  
FORM VAT 227B
Quarterly Return of Sales to TOT Dealers 
FORM VAT 228A
Quarterly Return of Sales to un-registered Dealers      

Apparently the intention is to cross check the accounting of transactions and to monitor correct availment of Input Tax Credit.

However this has cast additional paper work for the dealers who view the requirement of filing of quarterly return as Irksome and opposed to the commitment that the VAT regime would be simple with lesser paper work.  

It is learnt from press reports that Mr Konathala Ramakrishna, Minister for Commercial Taxes, had allayed the fears stating that the submission of the quarterly returns will be on voluntary basis and the need for the cross checking was due to some unhealthy practice of fake invoices.

Trade representatives wonder that even if the returns are filed, the department may not have the infrastructure to verify the returns.

Notwithstanding the assurance of the Minister, the filing of quarterly returns would be mandatory since the rules specify so.

Click to download the Quarterly Return formats

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