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CARRYING OVER OF TAX CREDIT:
6
TREATMENT OF EXPORTS:
FOR ALL EXPORTS MADE OUT OF THE COUNTRY, TAX PAID
WITHIN THE STATE WILL BE REFUNDED IN FULL. THERE WILL
BE PROVISION FOR APPLICATION AFTER THE END OF EACH
QUARTER AND REFUND WILL BE MADE WITHIN THREE
MONTHS. IN CASE OF DELAY, INTEREST WILL BE PAID FOR THE
DELAYED PERIOD. .
INPUT TAX CREDIT, OF COURSE, MAY ALSO BE ADJUSTED
AGAINST LOCAL SALES.
8
OPENING STOCKS ON THE APPOINTED DAY
9
OPENING STOCKS -(Contd.)
10
REGISTRATION :
11
SMALL DEALERS
EXEMPTION FROM VAT
12
SMALL DEALERS (CONTD.)
COMPOSITION SCHEME
• SMALL DEALERS WITH ANNUAL GROSS TURNOVER NOT
EXCEEDING Rs. 40 LAKH, WHO ARE OTHERWISE LIABLE TO VAT,
SHALL, HOWEVER, HAVE OPTION FOR A COMPOSITION SCHEME
WHERE HE PAYS TAX AT A SMALL PERCENTAGE OF GROSS
TURNOVER.
1 9 4 8 2 0 1 7 0 6 4
Number Proper
Check Digits
State Code
Charge Code
Act
Identification
Code
16
PROCEDURE OF ASSESSMENT OF VAT LIABILITY :
18
DECLARATION FORM:
19
INCENTIVES
20
OTHER EXISTING TAXES SUCH AS TURNOVER
TAX, SURCHARGE, ADDITIONAL SURCHARGE
ETC. WILL BE ABOLISHED.
21
COVERAGE
GOODS OUTSIDE VAT
OTHER GOODS
22
RATES OF VAT:
* A FEW ITEMS WHICH ARE NOT TAXED AT PRESENT, WILL
ALSO REMAIN EXEMPTED FROM VAT
24
PROPOSED EXEMPTED GOODS
25
GOODS PROPOSED TO BE TAXED @ 4%
3. Declared goods.
4. Capital Goods.
26
CENTRAL SALES TAX
CST
CST TO
TO CONTINUE
CONTINUE FOR
FOR THE
THE YEAR
YEAR 2005-06.
2005-06.
POSITION
POSITION TO
TO BE
BE REVIEWED
REVIEWED BY
BY EMPOWERED
EMPOWERED COMMITTEE
COMMITTEE IN
IN ABOUT
ABOUT
OCTOBER
OCTOBER 2005
2005 FOR
FOR ADVISING
ADVISING MINISTRY
MINISTRY OF
OF FINANCE.
FINANCE.
SIMILARLY
SIMILARLY SYSTEM
SYSTEM OF
OF AED
AED ONON SUGAR,
SUGAR, TEXTILE
TEXTILE AND
AND TOBACCO
TOBACCO WOULD
WOULD
CONTINUE
CONTINUE FOR
FOR 2005-06.
2005-06.
AED
AED ON
ON THESE
THESE ITEMS
ITEMS LIKELY
LIKELY TO
TO BE
BE REPLACED
REPLACED BY
BY VAT
VAT W.E.F.
W.E.F. 1.4.2006
1.4.2006
27
LEGISLATION
26
26 STATES
STATES HAVE
HAVE ALREADY
ALREADY DRAFTED
DRAFTED THEIR
THEIR VAT
VAT LEGISLATION.
LEGISLATION.
OUT
OUT OF
OF THESE
THESE 99 STATES
STATES ARE
ARE LIKELY
LIKELY TO
TO RECEIVE
RECEIVE PRESIDENTIAL
PRESIDENTIAL
ASSENT
ASSENT WITHIN
WITHIN THE
THE NEXT
NEXT ONE
ONE WEEK.
WEEK.
7
7 STATES
STATES HAVE
HAVE INDICATED
INDICATED THAT
THAT THEY
THEY WOULD
WOULD PROMULGATE
PROMULGATE VAT
VAT
LEGISLATION
LEGISLATION THROUGH
THROUGH ORDINANCE
ORDINANCE ROUTE.
ROUTE.
HARYANA
HARYANA HAS
HAS ALREADY
ALREADY INTRODUCED
INTRODUCED VAT.
VAT.
AS
AS MANY
MANY AS
AS 10
10 ASSEMBLIES
ASSEMBLIES ARE
ARE SCHEDULED
SCHEDULED TO
TO MEET
MEET THIS
THIS MONTH
MONTH
AND
AND TAKE
TAKE UP
UP VAT
VAT LEGISLATION.
LEGISLATION.
28
LEGISLATION (Contd.)
ALMOST
ALMOST ALL
ALL 26
26 STATES
STATES HAVE
HAVE REPORTED
REPORTED THAT
THAT THEIR
THEIR DRAFT
DRAFT RULES
RULES
ARE
ARE READY
READY AND
AND CAN
CAN BE
BE NOTIFIED
NOTIFIED AFTER
AFTER THE
THE ACT
ACT HAS
HAS RECEIVED
RECEIVED
PRESIDENTIAL
PRESIDENTIAL ASSENT.
ASSENT.
THE
THE TARGET
TARGET FOR
FOR NOTIFICATION
NOTIFICATION OF
OF RULES,
RULES, SCHEDULES
SCHEDULES AND
AND FORMS
FORMS IS
IS
31
31SSTT OF
OF DECEMBER,
DECEMBER, 2004.
2004.
29
TINXSYS
IN
IN ORDER
ORDER TO
TO TRACK
TRACK INTER-STATE
INTER-STATE TRANSACTIONS
TRANSACTIONS A A COMPUTERISED
COMPUTERISED
TAX
TAX INFORMATION
INFORMATION EXCHANGE
EXCHANGE SYSTEM
SYSTEM IS
IS BEING
BEING INSTALLED.
INSTALLED.
THE
THE PILOT
PILOT PROJECT
PROJECT LIKELY
LIKELY TO
TO BE
BE READY
READY BY
BY 11SSTT APRIL,
APRIL, 2005
2005 WILL
WILL
COVER
COVER 10
10 STATES.
STATES.
IT
IT IS
IS EXPECTED
EXPECTED THAT
THAT THE
THE ENTIRE
ENTIRE COUNTRY
COUNTRY WOULD
WOULD BE
BE COVERED
COVERED BY
BY
THE
THE END
END OF
OF 2005.
2005.
ALL
ALL STATE
STATE GOVERNMENTS
GOVERNMENTS HAVE
HAVE BEENBEEN ADVISED
ADVISED TO
TO COMPUTERISE
COMPUTERISE
THEIR
THEIR DEPARTMENTS
DEPARTMENTS FULLY
FULLY BY
BY 30
30TTHH JUNE
JUNE 2005.
2005.
30
PUBLICITY
A
A NATION
NATION WIDE
WIDE PUBLICITY
PUBLICITY CAMPAIGN
CAMPAIGN ABOUT
ABOUT VAT
VAT WOULD
WOULD BE
BE
LAUNCHED
LAUNCHED IN
IN THE
THE PRINT
PRINT AND
AND ELECTRONIC
ELECTRONIC MEDIA
MEDIA AFTER
AFTER DIWALI.
DIWALI.
THE
THE STATE
STATE GOVERNMENTS
GOVERNMENTS HAVE
HAVE AGREED
AGREED TO
TO LAUNCH
LAUNCH THIS
THIS
PROGRAMME
PROGRAMME IN
IN THE
THE LOCAL
LOCAL LANGUAGES.
LANGUAGES.
THERE
THERE WILL
WILL BE
BE REGIONAL
REGIONAL MEETINGS
MEETINGS FOR
FOR EXPLAINING
EXPLAINING THE
THE CONCEPT
CONCEPT
OF
OF VAT
VAT TO
TO TRADE
TRADE AND
AND INDUSTRY.
INDUSTRY.
31
CENTRAL ASSISTANCE
THE
THE CENTRAL
CENTRAL GOVERNMENT
GOVERNMENT IS
IS FULLY
FULLY COMMITED
COMMITED TO
TO THE
THE INTRODUCTION
INTRODUCTION OF
OF
VAT
VAT AND
AND ASSISTING
ASSISTING THE
THE STATE
STATE GOVERNMENTS.
GOVERNMENTS.
CENTRE
CENTRE WOULD
WOULD MEET
MEET 100%
100% OF
OF THE
THE LOSS
LOSS TO
TO THE
THE STATES
STATES ON
ON ACCOUNT
ACCOUNT OF
OF
INTRODUCTION
INTRODUCTION OF
OF VAT
VAT DURING
DURING 2005-06.
2005-06.
THIS
THIS PERCENTAGE
PERCENTAGE WOULD
WOULD BE
BE 75%
75% FOR
FOR 2006-07
2006-07 AND
AND 50%
50% DURING
DURING 2007-08.
2007-08.
GOI
GOI HAS
HAS AGREED
AGREED TO
TO MEET
MEET A
A SUBSTANTIAL
SUBSTANTIAL PERCENTAGE
PERCENTAGE OF
OF THE
THE COST
COST OF
OF
INSTALLING
INSTALLING TINXSYS.
TINXSYS.
GOI
GOI HAS
HAS ALSO
ALSO MADE
MADE PROVISIONS
PROVISIONS FOR
FOR THE
THE NATION
NATION WIDE
WIDE PUBLICITY
PUBLICITY
CAMPAIGN.
CAMPAIGN.
GOI
GOI HAS
HAS AGREED
AGREED TO
TO ALLOT
ALLOT A
A PIECE
PIECE OF
OF LAND
LAND TO
TO EC
EC FOR
FOR ITS
ITS OFFICE
OFFICE IN
IN DELHI.
DELHI.
32
EC
EMPOWERED
EMPOWERED COMMITTEE
COMMITTEE OFOF STATE
STATE FINANCE
FINANCE MINISTERS
MINISTERS TO
TO
CONTINUE
CONTINUE IN
IN ITS
ITS PRESENT
PRESENT FORM.
FORM.
IT
IT WOULD
WOULD ALSO
ALSO CONTINUE
CONTINUE TO
TO AID,
AID, ADVISE
ADVISE AND
AND ASSIT
ASSIT THE
THE CENTRAL
CENTRAL
AND
AND STATE
STATE GOVERNMENTS
GOVERNMENTS IN
IN THE
THE SMOOTH
SMOOTH IMPLEMENTATION
IMPLEMENTATION OFOF
VAT.
VAT.
33
THANK YOU
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