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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 237


VALUE ADDED TAX

Himachal Pradesh

♦ Increase in VAT rate from 9.60% to 11.50% on diesel is supported

Madhya Pradesh
♦ Increase in VAT rate from 27% to 31% on petrol is supported

Odisha
♦ Increase in VAT rate from 20% to 23% on motor spirit including petrol and high speed diesel is supported

Puducherry
♦ Multiple CST rates are supported
♦ New VAT rate of 20% on Cigarettes supported

Rajasthan
♦ Increase in VAT rate of diesel from 18% to 22% and petrol from 26% to 30% is supported
♦ Interstate sales at 0.25% is supported

Sikkim
♦ Multiple CST rates are supported
♦ Increase in VAT rates for Schedule II goods from 1% to 1.10%, Schedule III (other than
    declared) and Schedule IV Goods from 4% to 4.5%, Schedule V goods from 12.5%
    to 13.5% is supported
♦ New VAT rate of 22% for Schedule VI goods is supported
♦ New VAT rate of 25% is provided

Uttarakhand
♦ Change in VAT rate from 20% to 15% on Timber wood and imported liquor supported
♦ New VAT rate of 9% is supported








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