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Basics of MVAT -:
Basics of MVAT - MVAT or Maharashtra Value Added Tax was started w.e.f. 1 st April, 2005 It is administered by Sales Tax Department under Finance Department of Mantralaya. Based on the principal of VAT.
and books of account Calculate the VAT due to Government based on VAT charged on sales LESS any VAT available as a set-off on business purchases File VAT returns on a regular basis declaring their VAT liability Pay any amount of VAT due to the Government with the VAT return
Rate of VAT -:
Rate of VAT - Under the VAT, the tax rates have been simplified. There are only two main rates of VAT 4% for items consisting mainly of raw materials used in the manufacturing process, IT products and some goods of common consumption 12.5% for all goods unless they are listed under the other rates Foodgrains including pulses, milk, vegetables and books are not subject to VAT. In addition, there are two other rates for specific items 1% for gold, silver, other precious metals, precious and semi precious stones and their jewellery 20% for liquor.
Rates of MVAT -:
Rates of MVAT - A 0% Vegetables, eggs, milk other essential items B 1% Precious Metals, Precious Stones and their Jwellary C 4% Raw Materials, Notified Industrial products, IT products D 20% & above Liquor, petrol & diesel E 12.5% All remaining items
Exceptions to Dealer -:
Exceptions to Dealer - An agriculturist who sells exclusively agricultural produce grown on land cultivated by him personally, shall not be deemed to be a dealer within the meaning of this clause. An educational institution carrying on the activity of manufacturing, buying or selling goods, in the performance of its functions for achieving its objects, shall not be deemed to be a dealer within the meaning of this clause. A transporter holding permit for transport vehicles (including cranes) granted under the Motor Vehicles Act, 1988, which are used or adopted to be used for hire or reward shall not be deemed to be a dealer within the meaning of this clause in respect of sale or purchase of such transport vehicles or parts. components or accessories thereof.
fees Bill wise statement of sales / purchases Proof of Address Partnership Deed / MOA & AOA for Co. PAN Proof Proof of Bank account etc.
Tax Invoice -:
Tax Invoice - A tax invoice can be in any form to suit business requirements. However, all tax invoices must show the words `Tax Invoice in bold letters either at the top or at a prominent place a serial number the date of the transaction/sale/issue description of the goods the quantity or number of goods involved in the transaction the price of the goods the amount of VAT charged on the goods (this must be shown separately) a declaration certificate suppliers name, address and Registration Certificate number name and address of buyer
Returns - contd..:
Returns - contd.. Six Monthly Return Dealer having tax liability of Rs. 1 Lacs or less in previous year or Entitlement for refund is Rs. 10 Lacs or less during previous year Quarterly Return others to file Quartely return i.e. Liability of Rs. 1 to 10 Lacs or refund from Rs. 10 Lacs to Rs. 100 Lacs
Forms of Return -:
Forms of Return - Form No. 231 For dealers, other than Composition dealers Dealers executing works contract Dealers engaged in right to use any goods Dealers under Package scheme of incentive Form No. 232 Dealers opting for composition scheme excluding works contractors / dealers opting composition for part business