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Upcoming Statutory

     

 Statutory Updates for Taxation Modules,
                                             Returns and Annexures


In view of the latest statutory requirements and the increasing compliance by businesses falling under the purview of Value Added Tax, various enhancements are being introduced in Tally.ERP 9. These business specific enhancements pertaining to changes in VAT Rates, Forms and Annexures etc. are provided for each State to ensure smooth functioning of day-to-day operations and timely filing of VAT Returns in the physical as well as the electronic modes as per the requirements of the Department.



Updates pertaining to Stat Release 235


Indian Taxation

Haryana

♦ New VAT rate 2% applicable on Oil Cakes, All Kinds of Pulses and Edible Oil is provided

Odisha
♦ New VAT rate 2% applicable on Aero Engines including Components and Spares
     is provided

Kerala
♦ Increase of VAT rate from 22% to 30% applicable on Tobacco Products is supported

Tripura
♦ Decrease of VAT rate from 35% to 25% applicable on Tobacco & Tobacco
    Products including Cigarettes & Gutka
is supported

Punjab
♦  Increase of VAT rate from 8.75% to 9.75% applicable on Diesel other than premium
     diesel
is supported

Himachal Pradesh
♦  Increase of VAT rate from 25% to 27% applicable on Motor-Spirit (Petrol including
     Aviation Turbine Fuel and Diesel)
is supported








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