cpc

adjustment of vat

Dy. Manager (Accts)

We have sold Iron Scrap material to the party charging the VAT @ 5% (VAT @ 4% Plus Addtional VAT @1%) throughout the financial year 2011-12 and till June-2012 and submitted the VAT return for respective period accordingly.

Now, it has been noticed that Additional VAT@ 1% is not applicable to Iron Scrap being the Goods of special importance in inter-State trade or commerce as per section 14 of CST Act..

Is it poosible to revise the return for financial year 2011-12 and monthly return for the period of April, May and Jun-2012 to provide the refund of additional VAT @1% to the party however refund has not been claimed by the party?

Whether this can be done without revising the original 'Tax Invoices' issued at the time of Sale.

Please advise.

 

  

 

 

 

 
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advocate(taxation)

Dear Mr. Avdhesh,

in your querry you have not mentioned the state/location of your transction, here i am assuming that your transction is belonged from the state of utter pradesh.

as per the provision of up value added tax act 2008-- any amt.has been realised from from any person by any dealer, purporting to do so by way of realisation of tax on the sale of goods in contravention of provision of section 23 ,such dealer shall deposit the entire amt. so realised and upto the extent it is not due as tax, be held by the state govt. in trust to the person on whom such liability has been passed ultimately in respect of goods on the sale such excess amt. has been charged. So there is no any benifit to revise the return for the year 2011-2012, april, may, and june 2012.

Advocate S.S. Nigam, 9839603693, 05122547392

 
Reply   
 


advocate(taxation)

Dear Mr. Avdhesh,

in your querry you have not mentioned the state/location of your transction, here i am assuming that your transction is belonged from the state of utter pradesh.

as per the provision of up value added tax act 2008-- any amt.has been realised from from any person by any dealer, purporting to do so by way of realisation of tax on the sale of goods in contravention of provision of section 23 ,such dealer shall deposit the entire amt. so realised and upto the extent it is not due as tax, be held by the state govt. in trust to the person on whom such liability has been passed ultimately in respect of goods on the sale such excess amt. has been charged. So there is no any benifit to revise the return for the year 2011-2012, april, may, and june 2012.

Advocate S.S. Nigam, 9839603693, 05122547392, advocatessnigam@gmail.com

 
Reply   
 
Dy. Manager (Accts)

Thank you very much sir,

Sir, please advise me rate of VAT under UP VAT Act-2008 applicable on sale of "Used Ammonia Sythesis Catalyst (Iron Oxide)".

One of our colleague is of openion that it contains 'Iron Oxcide; hence will cover under the Goods of special importance in inter-State trade or commerce as per section 14 of CST Act. and accordingly additional VAT @1% will not be applicable.

However we are charging 5% (VAT @4% plus Additinal VAT @1%).

Please advise to stand with right action.

Regards,

 

 
Reply   
 

Dear Mr. Nigam,

I think Mr. Avdesh has not posed the real transaction. Any way the VAT Returns can be revised correcting VAT erroneosly charged and credited to the party by issuing credit notes or so.Also the Returns can also be revised in the reverse case where lower tax has been deposited earlier. This is again subject to limitations as per UPVAT Act 2008.  

 
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