| 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
♦ New VAT rates of 8% and 9.6% is supported
♦ New VAT rate of 11.5% is supported
♦ New VAT/Tax classifications are provided for VAT rates 22.07% and 28.72% on diesel and petrol respectively.
♦ New VAT/Tax classification for composite sales at 5% VAT rate is provided
♦ New VAT rate of 5% for notified construction contracts is supported
♦ Increase in VAT rate from 13.5% to 20% on cigarettes, cigar, cigarillos, and vaihlo is supported
♦ Increase of VAT rate from 8.25% to 11.25% applicable on Diesel other than Premium Diesel under schedule E is supported
♦ Increase of VAT rate from 20% to 30% is supported