A new VAT form namely VAT-2B for payment of surcharge has been introduced under the Punjab VAT Rules and the mode of payment of surcharge/additional tax @ 10% levied u/s 8-B of Punjab VAT Act, has been changed.
Rule 37 of Punjab VAT Rules has been amended to add a new sub-rule 2-A in the said rule, which provides that surcharge or additional tax which is levied @ 10% u/s 8-B of Punjab VAT Act will now be deposited in the ratio of eighty percent in the challan form VAT-2 and twenty percent in the challan form VAT-2B.
It is to be noted that uptill now surcharge/additional tax was deposited one hundred percent in form VAT 2. The rest of normal vat tax is deposited in the ratio of 90% in form VAT 2 and 10% in form VAT 2A and there has been no change in the mode of payment of such normal vat tax.
This new mendment will be applicable w.e.f 20-06-2011
The full notification is produced herebelow:
click on the VAT-2B above to download this new form.
See here Illustration on calculation of surcharge on VAT 2B
Rule 37 of Punjab VAT Rules has been amended to add a new sub-rule 2-A in the said rule, which provides that surcharge or additional tax which is levied @ 10% u/s 8-B of Punjab VAT Act will now be deposited in the ratio of eighty percent in the challan form VAT-2 and twenty percent in the challan form VAT-2B.
It is to be noted that uptill now surcharge/additional tax was deposited one hundred percent in form VAT 2. The rest of normal vat tax is deposited in the ratio of 90% in form VAT 2 and 10% in form VAT 2A and there has been no change in the mode of payment of such normal vat tax.
This new mendment will be applicable w.e.f 20-06-2011
The full notification is produced herebelow:
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE AND TAXATION
(EXCISE AND TAXATION II BRANCH)
Notification
The 20 June, 2011
No. G.S.R.. /P.A. 8/2005/S.70/Amd.( )/2011- , In exercise of the powers conferred by sub-section (1) of section 70 of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following rules further to amend the Punjab Value Added Tax Rules, 2005, namely :-
RULES
1. (1) These rules may be called the Punjab Value Added Tax ( Amendment) Rules, 2011.
(2) They shall come into force on and with effect from the date of their publication in the official gazette.
2. In the Punjab Value Added Tax Rules,2005 (here-in-after referred to as the said rules), in rule 37, after sub-rule (2), the following sub-rule shall be inserted, namely:-
"(2A) Eighty percent of the additional tax payable under section 8B of the Act shall be made in the challan form VAT-2 and twenty percent shall be made in the challan form VAT-2B.These forms shall be available free of cost at the District Excise and Taxation offices"
3. In the said rules, after Form VAT-2A, the following Form shall be inserted, namely:-
click on the VAT-2B above to download this new form.
See here Illustration on calculation of surcharge on VAT 2B
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