Haryana vat
Ajay Agarwal
(Querist) 06 June 2012
This query is : Resolved
Please solve my Problem--
1. In April sale Rs- 15, 00,000 @ 5% vat Rs- 75,000
2. In May sale Rs- 6, 00,000 @ 5% Vat Rs- 30,000
3. In June sales Rs- 5, 00,000 @ 5% Vat Rs- 25,000
My question is
-When vat should be deposited in bank account of sales tax deppt with challans?
1. in the end of Quarter (i.e. in July)
2. in the month of May when vat amount exceeds Rs- 1, 00,000.
Thanks.
Shonee Kapoor
(Expert) 06 June 2012
Academic Query.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
R K JAIN
(Expert) 07 June 2012
If your out put tax for the previous financial year exceed one lakh then you have to deposit tax monthly otherwise you have to deposit the tax quarterly. The out put tax first time exceed one lakh in that year you can deposit tax quarterly. In your case if the out put tax is below as on 31 March of previous year then you can deposit the tax quarterly during the current year. Monthly tax liability will arise in the next financial year.
Ajay Agarwal
(Querist) 07 June 2012
Thanks Sir, (Mr. R K JAIN) for above information.
Now my question is Rs- One Lakh Limit of Tax means
--- Net Taxable Vat (i.e. output vat – Input vat).
--- Total Output Vat only & not taken input credit.
R K JAIN
(Expert) 08 June 2012
Total output only and not taken input credit.
C. P. CHUGH
(Expert) 09 June 2012
Section 14(3) of the Haryana Value Added Tax Act 2003, reproduced below, require to pay tax every month in case of a dealer whose tax liability in the immediately preceeding year exceeded Rs. 1.00 Lac. For removal of doubt it is clarified that tax liability mean net of output liability as reduced by input credit.
"14(3) Every dealer whose aggregate liability to pay tax under
this Act, Act of 1973 and the Central Act for the last year or
part thereof according to the returns filed by him is equal to
or more than one lakh rupees or such other sum, as may be
prescribed, shall, in the manner prescribed, pay on or before
the fifteenth day of each month the full amount of tax
payable by him for the previous month, computed by him in
accordance with the provisions of this Act and the rules
made thereunder:
Provided that if he is not able to quantify his tax
liability accurately by that time, he shall pay an amount
equal to monthly average of his tax liability in the last year
(or such shorter period for which he has been liable to pay
tax in that year) as tax provisionally, and he shall pay the
balance, if any, on or before the twenty-fifth day of the
month, and the excess, if any, he may adjust with his future
tax liability."
Thanks
Ajay Agarwal
(Querist) 10 June 2012
Thanks Sir, (Mr. C.P Chugh) for above clarification.
Now my question is –
In above section what is meanning of ( or
part thereof according to the returns filed by him)
"14(3) Every dealer whose aggregate liability to pay tax under
this Act, Act of 1973 and the Central Act for the last year or
part thereof according to the returns filed by him is equal to
or more than one lakh rupees or such other sum, as may be
prescribed, shall, in the manner prescribed, pay on or before
the fifteenth day of each month the full amount of tax
payable by him for the previous month, computed by him in
accordance with the provisions of this Act and the rules
made thereunder:
