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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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