Public
Notice
Kind
Attention: Dealers/Lawyers/Chartered Accountants/Other Stakeholders
In the light of a large number of
representations received from lawyers and trade bodies that it is difficult for
them to work out the stock as required to be filled in WS-7 and in many cases
the balance sheet/stock as of 31.3.2014 are not ready yet, the following
changes have been made in VAT-15 for the 1st Quarter of 2014-15:
1.
An option in VAT-15 has been given to the dealers to indicate that they are unable
to fill Worksheet-7. If a dealer chooses this option, he will be able to fill his
VAT-15 return in the earlier VAT-15 format and his ITC will come from WS-6 as
earlier.
2.
Those dealers who choose to fill WS-6 instead of WS-7, will be required to fill
the WS-7 at the time of filing of return for the second quarter and if they
have paid less tax in the first quarter due to excess credit of ITC on account
of filing WS-6, they will be required to pay tax due (if any) for the Quarter-1
along with the return of second quarter, as per the provisions of PVAT
Act/Rules.
3.
Moreover, an option is also given in WS-6 to reserve the estimated ITC in the light
of Section 13 (1) of Punjab Value Added Tax Act, 2005.
4.
Kindly note that tax liability of the dealers will continue to remain as per
the revised provisions of Section 13(1) of PVAT Act, 2005.
5.
The date of filing of VAT-15 return has been extended to 20.8.14. However, dates
for tax payments will remain unchanged.
6.
New VAT-15 with above mentioned changes will be available on Department’s
website i.e www.pextax.com from 25th July, 2014.
Dated: 24th July, 2014
Excise & Taxation Commissioner,
Punjab
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