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| CT department dispels apprehension about modified return form | | | Early Times Report
JAMMU, April 15: Reacting to the apprehensions about re-designing of VAT return form as a part of computerization of Commercial Taxes Department, the department has clarified that the dealers have not been asked to maintain any additional books of
accounts to file the return on new format.
It has been further made clear that the input and output registers already maintained as per the VAT Act and rules regarding invoice-wise details of sale and purchase is enough to provide the additional information required for the return.
These details which were not transmitted to the department by the trader’s along with the return till now have to be filled with the return to enable the department to provide a hassle free tax administration to the traders.
Once these inputs are available in new computerize system it shall select only a limited number of suspicious dealers for tax audit and audit assessments.
This ambitious project will also result in cutting down the visits of the traders to the department for production of this information in piece-meals to the Asserting Authorities.
Another reason for redressing the VAT return from is the universal approach contemplated in the new Goods and Service Tax regime where a common portal is envisaged on national level to process the dealer’s related information as also the transactions occurring throughout the country.
Being a consumer State, J&K will be one of the most benefited States out of this exchange. Otherwise, also it would not be possible to be a part of GST without having a common format of returns as is envisaged in the new regime.
It also need to be appreciated that necessary safeguards have to be put in place to safe guard the interest of the revenue and to subvert the deliberate attempt of tax Government has already taken a decision that the new return form shall be applicable for the first quarter of the year 2011-12 and onwards so that traders understand the new requirement and also allow the department to sort out the issues with the stake holders in the intervening period.
The department is also contemplating to make awareness campaigns in this regards.
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