W Bengal traders get more time to reconcile sale purchase mismatch
Updated: Mar 29, 2014 11:58:37am
Kolkata, Mar 29 (KNN) The West Bengal Government has extended upto April-16 the timeline within which dealers registered under the state VAT laws have to settle online their purchase-sale mismatch.
In a trade circular, the Sales Tax Department of the West Bengal government has asked dealers to register under the WBVAT Act, 2003 and the CST Act, 1956 to “positively reconcile mismatches by April-16, 2014.”
The time has been extended following representations from Chambers of Commerce/ Trade Bodies/ individual dealers, requesting for extension of date pointing out that the month of March is the last month of the financial year and payments of VAT, CST and ET are to be made within 31.03.2014 in addition to payment of Advance Income Tax and Service Tax within 31.03.2014. Hence no time is left to dealers to sit with records for online settlement of mismatch at this crucial moment.
The assessment for 2011-12 will be time barred by June, 2014, thus there is limitation on time extension. Also since this is the second year in which mismatch has been indicated, the dealers are expected to be better prepared with the information to reconcile mismatches, the circular said.
“Thus, considering the representations and the entire situation, the last date of online settlement of purchase-sale mismatch is decided to be extended upto 16.04.2014. No further extension of date would be made.
“It should be kept in mind that for every unsettled mismatch case, assessment u/s 46 or special audit u/s 43A is a must which requires reasonable time period and much more unsettled cases means invocation of assessment or special audit in a large scale for 2011-12 which is contrary to policy of minimization of assessment involving examination of records upon hearing of dealers,” it said. (KNN/ES)
In a trade circular, the Sales Tax Department of the West Bengal government has asked dealers to register under the WBVAT Act, 2003 and the CST Act, 1956 to “positively reconcile mismatches by April-16, 2014.”
The time has been extended following representations from Chambers of Commerce/ Trade Bodies/ individual dealers, requesting for extension of date pointing out that the month of March is the last month of the financial year and payments of VAT, CST and ET are to be made within 31.03.2014 in addition to payment of Advance Income Tax and Service Tax within 31.03.2014. Hence no time is left to dealers to sit with records for online settlement of mismatch at this crucial moment.
The assessment for 2011-12 will be time barred by June, 2014, thus there is limitation on time extension. Also since this is the second year in which mismatch has been indicated, the dealers are expected to be better prepared with the information to reconcile mismatches, the circular said.
“Thus, considering the representations and the entire situation, the last date of online settlement of purchase-sale mismatch is decided to be extended upto 16.04.2014. No further extension of date would be made.
“It should be kept in mind that for every unsettled mismatch case, assessment u/s 46 or special audit u/s 43A is a must which requires reasonable time period and much more unsettled cases means invocation of assessment or special audit in a large scale for 2011-12 which is contrary to policy of minimization of assessment involving examination of records upon hearing of dealers,” it said. (KNN/ES)
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