New VAT Class as per Statutory Requirements

Introduction of VAT/Tax Classifications as per Statutory Requirements

As per the finance bill/budget proposals of various State Governments and Notification of Orissa Commercial Taxes Department to revise the VAT Rates, new VAT/Tax Classifications have been intro-duced effective from April 1, 2011 to support billing of transactions. The value of entries made using these classifications will be currently captured only in VAT Computation report. In the forth-coming Stat.900 releases, the functionality will be enhanced to capture the value of entries made using the new VAT/Tax class in respective VAT Forms. The list of States with the respective VAT/Tax classifications is as follows:

p Bihar

n  Purchases @ 5%

n  Purchases @ 13.5%

n  Purchases - Capital Goods @ 5%

n  Purchases - Capital Goods @ 13.5%

 n  Purchase From URDs - Taxable Goods @ 5%

n  Purchase From URDs - Taxable Goods @ 13.5%

n  Input VAT @ 5%

n  Input VAT @ 13.5%

n  Input Tax Credit on Purchase From URDs @ 5%

n  Input Tax Credit on Purchase From URDs @ 13.5%

n  Sales @ 5%

n  Sales @ 13.5%

n  Sales @ 5% to URDs

n  Sales @ 13.5% to URDs

n  Output VAT @ 5%

n  Output VAT @ 13.5%

n  Output VAT @ 5% to URDs

n  Output VAT @ 13.5% to URDs

n  Purchase Tax @ 5%

n  Purchase Tax @ 13.5%

p Jammu & Kashmir

n  Purchases @ 25%

n  Sales @ 25%

n  Input VAT @ 25%

n  Output VAT @ 25%

n  Purchase Tax @ 25%

p Karnataka

n  Purchases @ 14%

n  Purchases - Capital Goods @ 14%

n  Interstate Purchases @ 14%

n  Purchase From URDs - Taxable Goods @ 14%

 n  Sales @ 14%

n  Sales - Works Contract @ 14%

n  Interstate Sales @ 14%

n  Input VAT @ 14%

 n  Input Tax Credit on Purchase From URDs @ 14%

n  Output VAT @ 14%

n  Output VAT - Works Contract @ 14%

n  CST @ 14%

n  Purchase Tax @ 14%

p Maharashtra

n  Sales - Composition @ 5% (Retail)

p Orissa n  Purchases @ 13.5%

n  Interstate Purchases @ 13.5%

n  Purchases - Capital Goods @ 13.5%

n  Transfer of Rights Inward @ 13.5%

 n  Sales @ 13.5% n  Interstate Sales @ 13.5%

 n  Sales @ 13.5% - Transfer of Right to Use

n  Sales - Works Contract @ 13.5%

n  Consignment Transfer Outward of 13.5% Taxable Purc

n  Input Vat @ 13.5%

n  Output Vat @ 13.5%

n  Output VAT @ 13.5% - Transfer of Right to Use

n  Output VAT - Works Contract @ 13.5%

n  CST @ 13.5%

n  Purchase Tax @ 13.5%

p Gujarat

n  Purchases @ 22.5%

n  Purchase From URDs - Taxable Goods @ 22.5%

n  Input VAT @ 22.5%

n  Input Tax Credit on Purchase From URDs @ 22.5%

n  Sales @ 22.5%

n  Output VAT @ 22.5%

n  Purchase Tax @ 22.5%

If anybody wants to get these new VAT Class in their Tally 7.2 - Tally 9.0 can contact:

Manoj Garg

Mobile: +91-9927199217

email: datacure @ gmail.com