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Statutory Updates

     

 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 238


VALUE ADDED TAX

Dadra and Nagar Haveli

♦ Change in VAT rate from 20% to 15% on petroleum products is supported

Meghalaya
♦ Change in VAT rate from 13.5% to 14.5% is supported

Odisha
♦ Works contract at 1% and 5% VAT rates is supported

Punjab
♦ Change in VAT rate from 4.5% to 2.5% on Job Work and Works Contract is supported

Telengana
♦ Revised VAT rates of 35.20% on petrol, and 27% on diesel are supported

Uttar Pradesh
♦ Revised VAT rates of 26.80% on petrol and 17.48% on diesel are supported








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