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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 236


VALUE ADDED TAX

Chandigarh

♦ New VAT rates of 8% and 9.6% is supported

Haryana
♦ New VAT rate of 11.5% is supported

Kerala
♦ New VAT/Tax classifications are provided for VAT rates 22.07% and 28.72% on diesel and petrol respectively.

Madhya Pradesh
♦ New VAT/Tax classification for composite sales at 5% VAT rate is provided

Maharashtra
♦ New VAT rate of 5% for notified construction contracts is supported

Mizoram
♦ Increase in VAT rate from 13.5% to 20% on cigarettes, cigar, cigarillos, and vaihlo is supported

Punjab
♦ Increase of VAT rate from 8.25% to 11.25% applicable on Diesel other than Premium Diesel under schedule E is supported

Tamil Nadu
♦ Increase of VAT rate from 20% to 30% is supported








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