which is the new form for vat return & cst return
Under the present process, the dealers have to upload TIN wise Sales and Purchase annexures (J1 & J 2) along with the return. However this system suffers from various shortcomings which are discussed below. Unattended Mismatches – Huge mismatches are found by Department website with respect to the Annexures filed along with the Returns. Such mismatches many a times remain not acted upon unless purchaser vigorously follows up with defaulting suppliers for filing of corrected Annexures showing sales made to purchaser. Even if there are mismatches in set off claim according to matching done by Department with respect to Annexures. there is no denial of set off to purchaser during the FY or thereafter, till any of the Departmental audits or assessments are taken up No Real Time Analysis: Under the present process, Departmental action based on cross verification of sales and purchase annexures is taken after filing of Form 704 audit reports for the relevant year. Hence, there is time lag of more than a year resulting in selection of cases for Computerised Desk Audit (CDA), Issue Based Audits and assessments. Due to this, dealer receives IBA notices even after 6-8 years. Besides old records are not available after such a long time period resulting in extra payment / penalty on the part of the dealer for non-providing of documents / information. Refunds under Bank Guarantee affected: Mismatches mostly affect the dealers who claim quarterly refunds against Bank Guarantee, as major portion of ITC gets disallowed if the supplier of the dealer claiming refund is filing quarterly or half yearly returns. This finally results in receiving less refund than actually claimed in Form 501. Need to obtain revised Mismatch Report after Revised Returns: Under current system, even if a defaulting supplier admits and corrects his Annexure, additional set off credit is not made available to the purchaser automatically. Purchaser has to establish that credit by running another Match Report. Issue of Declaration Forms: Department had launched an on-line application for CST Forms. As per this process, the Statement of Request (SOR) had to be uploaded on department’s website. In case of any non-compliance by the applicant such as return default, outstanding recovery, incorrect/non-disclosure of turnover of interstate purchases etc., department communicates to the dealer through e-mail (SOR hold mails). Online corrections are sometimes not successful and applicant has to respond by visiting and submitting details to the concerned officer such as reconciliation of OMS purchases for previous periods on booking basis as there is always a time lag between the invoice date & actual booking date. The turnaround time/service delivery time in this system has been reasonably high.
To file returns on your own, you would need to have the login details for your VAT account, which would have been given to you at the time of registration, the software for preparing the returns (this is available on the government commercial taxes website) and all the VAT receipts for the period you are filing the returns for. Of course, you should also know your TIN number
To file returns on your own, you would need to have the login details for your VAT account, which would have been given to you at the time of registration, the software for preparing the returns (this is available on the government commercial taxes website) and all the VAT receipts for the period you are filing the returns for. Of course, you should also know your TIN number
On 1 July 2018 GST is applicable in India including (Jammu&kashmir).Gst include 43 type of direct & indirect tax. Gst has only 4 return annual GSTR 1 GSTR2 GSTR3 GSTR4.