Due date of VAT 20 extended till Dec 15

Manav Mander

Tribune News Service

Ludhiana, December 10

The last date of e-filing of the annual statement in Form VAT-20 has been extended till December 15. A public notice has been issued by the department in this regard.

Chartered Accountant Rajiv Sharma said the extension of the date of VAT 20 by the Excise and Taxation Department is a good initiative.

“It was very necessary to extend the date because the date of obtaining tax audit report which was September 30 was also extended to November 30,” said Sharma.

“To submit VAT 20 by November 20 (which was the original due date) was a very difficult task for us as the last date for finalisation of tax audit report was November 30. Date extension is a welcome step,” said taxation lawyer, Jatinder Khurana.

The president and press secretary of the District Taxation Bar Association (Sales Tax), Arun Kanwal and Mohit Aggarwal, respectively, hailed the decision and claimed that many traders have not received the C forms yet.

BOX I

-VAT 20 is an annual tax statement which is to be filed by all taxable persons registered under the Punjab VAT Act, 2005. The due date of filling of VAT 20 was November 20 and was extended to December 10. Now it has been again extended to December 15.

-Tax audit report is to be filed along with the Income Tax returns in case of a turnover of more than Rs 1 crore. The last date of tax audit report is November 30.

-VAT 20 is dependent upon the tax audit report. To prepare VAT 20, it needs to be tallied with the balance sheet and tax audit report.

Box II

Lack of compliance was causing appeals to be rejected

The president of the District Taxation Bar Association (Sales Tax), Arun Kanwal, had received a communiqué from Ram Murthi Sharma, superintendent VAT tribunal, about the rejection of appeals in the tribunal. The communiqué mentioned that majority of the appeals that were filed in the VAT tribunal were getting rejected due to lack of compliance. The appeals should be supported with proper documentary evidence. The name of the person who has applied, date of order against which appeal is filed, status of competent person who is filing appeal, required set of copies of documents and affidavit supporting the reason of condo nation delay should also be given. This communiqué will be sent by the department to all the tax bar associations of the state so that there is no confusion and appeals do not get rejected by the tribunal in future.