|
Registration
Threshold
limit Rs 5 lacs.
Auto
Registration for Reg Dealer – Form VII & VIII within
60 days.
Compulsory
for Transporters, Carriers, Forwarding Agents, Railway
Agents etc – transporting/storing goods.
Tax
Payer’s Identification No (TIN):- Allotted on Form no.15
–Mandatory to quote on all Correspondences /Return/
Challan/ Tax invoice etc.
Composition
Scheme:-Specified for Small Traders -5 to 50 Lakhs @ VAT
1%.
VAT
Rates
Four
rates have been prescribed
Schedule:
I - 0% for exempted goods.
Schedule:
II - 4%: for manufacturing inputs & IT Products &
GSM.
Schedule:
III -1%: for gold and precious stone.
Schedule:
IV – 20% to 32.5% for Petrol, Diesel oil, Furnace Oil.
Schedule:
V RNR - 12.5%: for goods not specified under any schedule.
Input
Tax Credits:- ITC
Allowed
For intra-State purchase of goods for resale or use in
manufacture.
Not
allowed in respect of Non-VAT goods, captive power plant
and other specified capital goods like office equipment,
furniture, air conditioners etc.
Input
tax credits are not available for inter State (CST)
procurement of goods.
Stock
transfers outside the State attract a reversal of input
tax credit (ITC) to the extent of 3%.
Developers,
co-developers and units in SEZ eligible for ITC on taxable
goods for specified operations.
Specified
goods to be notified under Schedule IV to be taxable at
first point.
Provisional
refund of ITC to exporters.
Refund
of excess ITC to other dealers at the end of the
assessment year next to the assessment year in which it
falls due.
ITC
on capital goods (other than non creditable capital
goods): "Capital Goods" means plant, machine,
machinery, equipment, apparatus, tools appliances,
electrical installation used for manufacture or processing
of any goods for sale by the dealer and includes
components, spare parts, accessories, mould dies etc.
ITC
on capital goods - in 3 annual installments.
No
ITC on capital goods held in stock as on the date of
commencement of the Act.
Input
Tax Credits:- ITC
Allowed
For intra-State purchase of goods for resale or use in
manufacture.
Not
allowed in respect of Non-VAT goods, captive power plant
and other specified capital goods like office equipment,
furniture, air conditioners etc.
Input
tax credits are not available for inter State (CST)
procurement of goods.
Stock
transfers outside the State attract a reversal of input
tax credit (ITC) to the extent of 3%.
Developers,
co-developers and units in SEZ eligible for ITC on taxable
goods for specified operations.
Specified
goods to be notified under Schedule IV to be taxable at
first point.
Provisional
refund of ITC to exporters.
Refund
of excess ITC to other dealers at the end of the
assessment year next to the assessment year in which it
falls due.
ITC
on capital goods (other than non creditable capital
goods): "Capital Goods" means plant, machine,
machinery, equipment, apparatus, tools appliances,
electrical installation used for manufacture or processing
of any goods for sale by the dealer and includes
components, spare parts, accessories, mould dies etc.
ITC
on capital goods - in 3 annual installments.
No
ITC on capital goods held in stock as on the date of
commencement of the Act.
ITC
on Opening Stock:-
RM
& Semi FG & FG ->Available for immediately
preceding 6 Months from the date of Commencement of VAT
i.e July to Dec,07. ( except exempted goods &CG )
-> Intimation with in 30 days in Sp. Format to Deptt.
Utilization:-
6 Monthly/Qtrly Installments after expiry of 4 months from
1st Jan.
Other
Features of VAT in UP:-
Exports
are zero rated and hence eligible for input tax
relief/refunds.
Other
taxes such as turnover tax, surcharge, additional
surcharge, special additional taxes etc. prevailing under
the sales tax regime have been abolished.
Entry
taxes continue for specific products (diesel, petrol etc)
but have been made vatable.
No
Departmental assessments - Self assessment of tax.
Purchase
Tax
Leviable
on purchase of goods from un-registered dealers.
Payable
when such goods / goods manufactured from VAT inputs are
disposed off otherwise than by way of sale
Return
& Payment of Taxes:-
| Turnover
Annually |
Return |
Payment
Taxes |
| Upto
Rs.25 lakhs |
Quarterly |
Quarterly |
| From
Rs.25 lakhs to 1 Cr |
Quarterly |
Monthly |
| Above
Rs.1 Cr |
Monthly |
Monthly |
|
Last
date of filling Return & Payment of taxes is
20th of next month / Qtr
|
Works
Contract:- where a contractor does not maintain
separate book of accounts, a fixed deduction of 20% on
account of labour and service charges will be allowed
irrespective of the nature of works contract.
Check
Posts:- Withdrawn but Mobile Squad will continue Form
no.31 ( Required for movements of goods from Any States -
Continue (New From no.XXXVIII).
2.
Form no.49 (Required for movements of imported goods)
Continue (new Form no.XXI) – Disputed.
3.
OC Stamps Withdrawn.
TAX
INVOICE:-
Prepared
in Triplicate -> Separate tax invoice -> Performa is
not yet prescribed.
Suggested
size of invoices not less than 10"x8.5" but not
greater than 11"x8.5" on paper of good quality.
Include
information and details about Consecutive serial no, date,
Name & address of purchaser, seller, TIN, description
of goods – Qty, Value, Discounts, Rate of Tax etc.
Invoice
shall be accompanied by transporter memo / LR copy.
Every
invoice should be pre-authenticated by Authorized person
– Excise/Sales tax.
Separate
Serial no for LST & CST sale.
Invoice
book binding from Sr.no.1 to 50 & followed.
Negatives
of UP VAT:-
Conversion
of Sales tax exemption in to Deferment.
VAT
ITC on exempted FG – Not available to Dealer but
available for Taxable goods (CBU) – for 6 Months.(UP Mfg
goods -Stock)
No
ITC on CG on Transition date & used in Works Contract.
Tax
Invoice as per Specified Format & Pre Authenticated by
Approved Person.
Continuation
of Form No.31 & Mobile Squad.
Excess
VAT ITC refund after completion of P.Y.
Continuation
of Entry Tax though Vatable.
Source
: SIMPLE TAX INDIA - http://simpletaxindia.blogspot.com/,
dated 08/01/2008
|
