VAT, or Value Added Tax as it is called in its extended form, is one of the most progressive reforms so far as indirect taxation is concerned. It was introduced in most Indian states on the 1st of April, 2005 and it aims at slashing trade barriers, facilitating transparency in accounting and improving tax revenues. In addition, it also aims at doing away with the surging effect of taxes.
Over the past ten years, the VAT system has successfully achieved the objectives it set out at the time of introduction as well as boosted self-compliance of the taxpayers. The Indirect Taxes Committee has made an effort to prepare the “Technical Guide on Jharkhand VAT” which covers every aspect of VAT provisions in Jharkhand, like procedure for registration, assessment, penalties, payment, refund, exports and imports of products, input tax credit, basic principles, etc. The guide is expected to provide help to chartered accountants in addressing the different problems that could potentially arise in the Jharkhand VAT.
Jharkhand VAT Forms:
The main forms used in the filing of VAT returns in Jharkhand include the following:
JVAT 100: Application for the registration of VAT
JVAT 102: Application for registration as a new business before making taxable sales
JVAT 03: Application for registration as registered retailers for payment of composition tax / presumptive tax under section 22/58.
JVAT 124: Application for self-assessment
JVAT 200: monthly return for VAT
JVAT 201: Return on cancellation of VAT registration
JVAT 203: Return by a casual trader
JVAT 204: Annual Return for the VAT registered dealers
JVAT 205: Challan under the Jharkhand VAT Rules, 2006
JVAT 206: Application for refund
JVAT 207: Application for provisional refund
JVAT 208: Application for refund for others
JVAT 211: Return by a dealer liable to pay presumptive and composition tax
JVAT 212: Annual return by a dealer liable to pay presumptive and composition tax.
These forms can be downloaded from Government of Jharkhand VAT website.
Jharkhand VAT Registration:
Every dealer who engages in trade of products and services that are covered under VAT will have to register themselves prior to the commencement of any such trade. The registration process is straightforward and simple. You will first have to fill in the VAT Registration form (Form VAT – I). Personal details such as name, date of birth, amount paid and the nature of business must be revealed at the time of registration. With regards to the business, individuals must provide details such as the composition of the business (directors, partners, etc.), address, PAN details, date of incorporation, turnover, account details and TIN. The form containing all these details will then be carefully perused by the relevant authorities, and if all the criteria are met, a registration certificate will be issued to the individual.
Jharkhand VAT Rates:
List of exempted products
Schedule 2 Part A
Products for which tax is levied at all points of sale at 1%
Schedule 2 Part B
Products for which tax is levied at all points of sale at 5%
Schedule 2 Part C
Products taxable at 5%
Schedule 2 Part D
Products taxable at 14% (general rate)
Schedule 2 Part E
List of goods taxable at special rates not exceeding 50% subject to the government’s discretion
Schedule 2 Part F
Any rate for any goods or class of goods as may be specified in this part taxable at 10% and 1%
List of products liable to Entry Tax at 4%
Negative list of capital goods for input tax credit
Jharkhand VAT Returns e-Filing and Payment:
Individuals can now file their VAT returns online by merely visiting the official website of the Government of Jharkhand’s Department of Commercial Taxes and registering themselves. Once the registration is complete, you can visit the appropriate link to file returns for any particular period. The relevant VAT returns form must be downloaded and filled in before submission.
Frequently Asked Questions:
- Are there any advantage of VAT?
Dealers and taxpayers can enjoy lower rates thanks to VAT. Dealers also have the option of assessing their returns and distributing the burden across the supply chain. There will be no additional taxes for those who pay VAT.
- How can I file my VAT returns?
VAT returns can be filed by individuals and then handed over to an assessing authority. They can also be filed by officials authorised to do it.
- When do I file revised returns?
In case of mistakes or discrepancies in the returns, a revised return must be filed prior to the last date for filing returns for the next period.
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