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| CT deptt holds entire trade fraternity in high esteem: Peer | | | EARLY TIMES REPORT
JAMMU, April 29:
The Department of Commercial Taxes kick-started the familiarization process for new VAT Return form by interaction with the office bearers of Chambers of Commerce & Industries (CCI), Jammu and Associated Chamber of Traders Federation. Both representative bodies placed their view points and the apprehensions with regard to new formats before the Department.
Commissioner Commercial Taxes J&K Government G A Peer explained in detail the background and the reasons for the change. Peer explained that the Department of Commercial Taxes holds the entire trade fraternity in high esteem and there was no trust-deficit with regard to sharing of information between the dealers and the Commercial Taxes Department. He explained that the modified Return
Form remains to be one of simplest VAT return form in the country.
He explained that the details to be submitted with the Return Form are compulsory only for dealers with turnover above Rs 60 lakhs and as such the smaller and marginal traders stand with taxable turnover upto
Rs 60 lakhs stand already exempted from filing the detailed annexures with regard to sales and purchases. Regarding the awareness programmes the Commissioner explained that the new formats are applicable for filing of returns from the first quarter of the year 2011-12 and the Department is already geared up to have interaction with the dealers for filing of returns on new format.
The requirement of the new computerization set up coupled with the process of gearing up for a unified GST regime in the country and the information deficit in the existing VAT Return Form, has necessitated the change in Return Form.
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