Salient Features of the Delhi value Added Tax (2nd Amendment) Bill
Updated: Jul 07, 2015 03:08:42pm
New Delhi, July 7 (KNN) Aam Aadmi Party (AAP) led Delhi government has recently, in a press release, mentioned the salient featured of the Delhi value Added Tax (2nd Amendment) Bill.
According to the press release, the Delhi value Added Tax (2nd Amendment) Bill proposes -
· To make enabling provisions for levy of VAT in respect of goods enlisted in the Fourth Schedule at different rates instead of a flat rate of 20 per cent, with the condition that such tax rate will be higher than 12.5 per cent (i.e rate of tax applicable in respect of unspecified goods) but will not be more than 30 per cent.
· To dispense with the requirement of making adjustments to output tax by the selling dealer and input tax by the purchasing dealer in the event of release of post-sale discounts or incentives by the selling dealer.
· To facilitate online filing of application for cancellation of registration, the requirement of submission of registration certificate in physical shape is also being dispensed with.
· To increase the time limit from 15 days to 45 days for seeking security from dealers claiming refund if security is felt necessary while processing and examining such refund claims.
· To reduce the per day penalty amount from Rs 500/- to Rs 200/- in the event of delay by a dealer in furnishing information relating to change in the nature of business.
· To reduce the per day penalty amount from Rs 1000/- to Rs 200/- in the event of delay by a dealer in furnishing information relating to closure of business.
· To reduce the per day penalty amount from Rs 500/- to Rs 200/- in the event of delay in submission of a return or document required to be submitted with the return. (KNN Bureau)
According to the press release, the Delhi value Added Tax (2nd Amendment) Bill proposes -
· To make enabling provisions for levy of VAT in respect of goods enlisted in the Fourth Schedule at different rates instead of a flat rate of 20 per cent, with the condition that such tax rate will be higher than 12.5 per cent (i.e rate of tax applicable in respect of unspecified goods) but will not be more than 30 per cent.
· To dispense with the requirement of making adjustments to output tax by the selling dealer and input tax by the purchasing dealer in the event of release of post-sale discounts or incentives by the selling dealer.
· To facilitate online filing of application for cancellation of registration, the requirement of submission of registration certificate in physical shape is also being dispensed with.
· To increase the time limit from 15 days to 45 days for seeking security from dealers claiming refund if security is felt necessary while processing and examining such refund claims.
· To reduce the per day penalty amount from Rs 500/- to Rs 200/- in the event of delay by a dealer in furnishing information relating to change in the nature of business.
· To reduce the per day penalty amount from Rs 1000/- to Rs 200/- in the event of delay by a dealer in furnishing information relating to closure of business.
· To reduce the per day penalty amount from Rs 500/- to Rs 200/- in the event of delay in submission of a return or document required to be submitted with the return. (KNN Bureau)
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