HELP ON OFFLINE FILING OF VAT MONTHLY RETURN

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Special Training Program

To

All the member,

Tax Practitioners Association,

Tirupur.

Dear proud member,

    The Joint Commissioner(CT), Coimbatore in association with SIHMA Tirupur organising a Special Training Programme on THE OFFLINE APPLICATION SOFTWARE for return filing as detailed below:-

    
                 Venue            : Sihma Hall, Sidco, Harvey Road, Tirupur

                Date              : Thursday (17.11.11)

                Time              : 10.30 am

                Conducted by : NIC Officials

Since it is very important for the practitioner community, all the members are requested to attend Training Programme along with their staff members.  Admission totally free.

By 

Secretary

TAX  PRACTITIONERS’ ASSOCIATION

Sabari Towers 4^th floor, KRR Layout Main Street,

Mangalam Road, Tirupur-641 604

Phone: Off: 4326164

CIRCULAR No.5 /2011-2012                                                                03.11.2011

STUDY CIRCLE MEETING

   Date                                     : 07/11/2011- MONDAY

             Venue                                   : Vidya Mandir Matriculation School

             Time                                     :  5.30 PM

             Subject                                     : Important Discussion on Form-W Refund with  

                                                             reference to recent circulars.

                                         You are requested to attend without fail.

                                                                                                                         

Dear Friends,

1.         You are aware that study circle meetings are conducted to provide certain informations in order to enrich your knowledge and to improve your quality of practice which up keep yourself.  So, this meeting is very important as the subject matter is  Form-W refund and it is the times necessity. Please don’t miss it and attend without fail.

2.         You are requested to contribute magnanimously to the chair fund and get

receipt from secretary.

3.         Visit tpatirupur.blogspot.com for further informations/news

Secretary.

 TAX PRACTITIONERS’ ASSOCIATION

Sabari Towers 4^th floor, KRR Layout Main Street,

Mangalam Road, Tirupur-641 604

Phone: Off: 4326164

CIRCULAR No.4/2011-2012                                                                  04.10.2011

STUDY CIRCLE MEETING

   Date                                     : 10/10/2011- MONDAY

             Venue                                   : Vidya Mandir Matriculation School

             Time                                     :  6.00 PM

             Subject                                     : 1). Recent Circulars and Clarifications genral  

                                                                  discussion by A.Krishnamoorthy, Advocate

                                         You are requested to attend without fail.

                                                                                                                         Secretary.

Note:

1.         The Commissioner of Commercial Taxes has issued notable circular on significant issued.  Please participate in the discussion.

2.         The Members are requested to contribute magnanimously to the chair fund and get receipt from secretary.

                                                                 

Mr.Jayakumar VAT Tips

JULY-2011 VAT RETURN PREPARATION TIPS

1)      July 11 return: Excel Sheet - Annexure I to prepare from 01.07.11 to 11.07.11 at 4%/12.5% and from 12.07.11 to 31.07.11 at 5%/14.5% respectively.  Similarly to prepare Annexure II Sales also. All the purchases (Local purchase, Interstate purchase, Import purchase, 0.5% Purchase, Exempted purchase should be shown in Annexure I, and all the sales i.e., Local Sales, Interstate sales, exempted sales  should be shown in Annexure II ) 

2)      Reverse Credit workings u/s 19(4): For the first period ¾ and 3/12.5% and for the Second period 3/5 and 3/14.5% separately given. 

3)      Form K – 0.5% - No need to give separate figures.  Because for all the sales 0.5% to pay.

4)      Fabrics – Initially tax proposed at 5% on 12.07.11 and later withdrawn on 21.07.11 but w.e.f. 12.07.11.  Hence don’t collect the tax.  If tax collected please pay it.  In the purchase bill if there is a tax portion, DON’T take ITC, because it is exempted commodity. The tax collection will be treated as Penalty u/s 40 by the CTO.  During the 10 days period, if there is any ITC on Yarn purchase, it cannot be set off in the output tax of fabrics.  Please be careful.

                                                                                                        

5)      Laboratory equipments for teaching purposes – still the rate of tax is 4% only.  Because no GO for 5%.

6)      Vegetable Oil up to Rs 5 Cr tax exempt.  For example in a Maligai shop, if the oil turnover has not exceeded Rs 5 Cr then no liability at all.

7)      In a leading textile Mill at Udumalpet, for 2009-10, reverse credit not done, and AO issued notice for Rs 7.5 lakhs.

8)      Sec 6 – Other than Civil contracts option rate is only 4% and has not increased to 5%, please note.

COMPILED BY: K JAYAKUMAR, STP, Coimbatore

Ph: 0422-2493485/98422 72129

RANDOM SELECTION OF ASSESSES FOR SCRUTINY

Random selection: So many dealers have not received the Original Sec 22 Self assessment order.  But random selected.  For the Assessment year 2006-07 and 2007-08, random selected.  Hence for those cases, please get the Self assessment order first, and then produce the accounts.  Produce the following:

a)      As in TNGST, please prepare the Trading Account, Audited P/L

b)      Concessional certificates  if any (for manufacturer Rule 6(3)(b) Certificate, SEZ certificate, 100% EOU Certificate, Asset purchase intimation etc) to produce. 

c)      Please see annexure I is fully supported by the returns.  If not produce the copy of it, because AG people will ask for it later. 

d)     In the purchase list please see the TIN number available for all the purchases, because ITC credit is taken by us.  It is Government money

e)      Check, turnover as per returns and as per accounts tallies.  If not prepare the Revised returns and pay the tax along with Sec 42(3) Interest at 1.25% before Assessment.

f)       Please check the Reverse Credit workings.  (For Exempted Sales, Sec 19(4) workings etc)

g)      Please see the reverse Credit workings for weight difference in Cotton waste (In the Invoice 100 Kgs mentioned but received only 90 Kgs means, reverse credit should be given for the corresponding purchase value also)

h)      Because for wrong credit of ITC Sec 27 (4) would be attracted.  Wrong availment of ITC, penalty would be 50% for first detection and 100% for subsequent detection by AO

i)        Please reverse the ITC taken for non productive assets like, Car, AC etc., before going to CTO

j)        Affix seal in the Cash book, Ledger, Sale bill etc.,

k)      Automobile dealers, please check the Entry tax paid and set off in the VAT assessment

l)        Please see the reverse credit workings for the whole year turnover.  If there is any short workings, please pay the amount before assessment

m)    PLEASE GET REVISIED ORDER FROM THE AO

COMPILED BY: K JAYAKUMAR, STP, Coimbatore

Ph: 0422-2493485/98422 72129

Meeting Circular

SALES TAX PRACTITIONERS’ ASSOCIATION

Sabari Towers 4^th floor, KRR Layout Main Street,

Mangalam Road, Tirupur-641 604

Phone: Off: 4326164

CIRCULAR No.3/2011-2012                                                                  05.08.2011

STUDY CIRCLE MEETING

  Date                                     : 08/08/2011- MONDAY

             Venue                                   : Vidya Mandir Matriculation School

             Time                                     :  5.30 PM

             Subject                                 : 1). Guidelines to prepare Form-I Vat Return with                

                                                                  reference to 12.07.2011 amendments and          

                                                                  Random Assessment procedure by         

                                                                  Mr.K.Jayakumar, VAT Practitioner, Coimbatore.   

    

     2).General Discussion on VAT by   

         Mr.K.M.Najumudeen, 

                                                                     Senior VAT Practitioner, Coimbatore.

           

You are requested to attend without fail.

                                                                                                                         Secretary.

Note:

1. Mr.K.Jayakumar will provide necessary guidelines to prepare July-2011 return as per amendments made on 12.07.2011.  He will also provide valuable key points on Random Assessment.

2. Mr.K.M Najumudeen, will explain all your queries regarding VAT.   Please attend without fail and get benefited.

3. A New e-mail Id tpatirupur@gmail.com has been created.  Also, a Blog     “tpatirupur.blogspot.com” has been created.  Members are requested to make use of them.

4. The Members are requested to contribute magnanimously to the chair fund and get receipt from secretary.

வணக்கம் நண்பர்களே !

வணக்கம் நண்பர்களே! 

நமது Sales Tax Practitioners' Association சார்பாக துவங்கப்பட்ட இந்த blog - கிற்கு தங்களை வரவேற்கிறோம் (நமது சங்கம் Tax Practitioners' Association என பெயர் மாற்றம் செய்ய இருப்பதால் அந்த பெயரிலே Blog).

இந்த blog மூலம் VAT & IT  தொடர்பான Circular, GO மற்றும் கட்டுரைகள் வெளியிட உத்தேசித்துள்ளோம், Meeting Circular களும் இதில் வரும்.

உறுப்பினர் நண்பர்கள் தங்கள் எழுதிய கட்டுரைகளையும், கருத்துக்களையும், tpatirupur@gmail.com என்ற முகவரிக்கு e-Mail பண்ணலாம்.  

ESI , PF, Central Excise, Customs, Duty Drawback, Bank Loans போன்ற நமது தொழிலுக்கு தொடர்புடைய பிற செய்திகளையும் அனுப்பலாம்.  ஏன் நகைச்சுவை செய்திகள், கதைகள், கவிதைகளையும் கூட அனுப்பலாம்.  தகுதியானைவகள் இதில் வெளியிடப்படும்.

வாருங்கள் கருத்துகளையும் செய்திகளையும் பரிமாறிக் கொள்வோம். வாழ்கையில் வளம் பெறுவோம்..!      

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செயலாளர்.