Sales Tax Return filing is a mandatory step for every business entity in India registered for the same. Filing for sales tax returns is always considered as a complicated task as it consumes up a lot of time and resources. Hiring expensive staff during the peak tax season is indeed a costly affair. In India, the sales tax rate is a tax charged to consumers based on the purchase price of certain goods. Revenues from the Sales Tax Rate are an important source of income for the government of India.
1. Copy of sales Invoice raised during the period including central sales, if any.
Meaning Of Sales Tax/VAT
The Value Added Tax (VAT) is a multistage tax levied as a proportion of the value added (i.e. sales minus purchase) which is equivalent to wages plus interest, other costs and profits.
DUE DATES FOR PAYMENT OF SALE TAX
Sales tax is paid on monthly basis before the 21st of following month
DUE DATES FOR FILLING VAT RETURNS
Due date for filing VAT Return in delhi is 25th of Next Month following the quarter
Example For Quarter 1 ( April – June) Due date for filing return is 25th of July
VAT AUDIT AS PRESCRIBED BY LAW
For the purpose of Section 49, a dealer whose gross turnover in a year exceeds one crore rupees, shall get his accounts of such year audited by an accountant, and shall be liable to submit a report, as notified by the Commissioner, from time to time:
PROVIDED that the Commissioner may, by an order, require a dealer or class or classes of dealers, to submit a simplified version of the report in lieu of report notified by him under section 49,
PROVIDED FURTHER that the Commissioner may, by an order, exempt a dealer or class or classes of dealers, from furnishing a report, for the purpose of Section 49.
Who is Liable for VAT Audit
S.N.Nature of the Dealer –Based upon
1. TurnoverExemption , if any
a) Dealers exclusively dealing in Commodities listed in first schedule to the ACT
b) Dealers with 100 % export Turnover.
Data processing and Tax Analysis
Signing of Return