Amendment in the return form VAT-15

Chandigarh, 20th July, 2016:  The department of Excise and Taxation, Chandigarh, on Tuesday issued a notification amending the return form VAT-15 i.e. the Quarterly return. The need for an amendment in the Chandigarh Value Added Rules arose after a Notification amending section 13 of the Act has been passed by the Government of India restricting the input tax credit being claimed by the dealers in Chandigarh.

As per the notification, from the current return period i.e. 01.04.2016 to 30.06.2016 , the input tax credit would not be allowed on the stock in hand and the provisions for declaring the same has now been made in the returns to be filed by all the dealers. The department has advised the tax payers to file the returns for the Quarter ending 30.06.2016 in consonance with the amended section and deposit the tax due on the value addition after carrying forward the Input tax credit on the closing stock and not adjusting the same against the output tax liability. Both the notifications and the amended form VAT-15 are available on the department’s website

          The taxpayers are required to take due care and file the return forms correctly based upon the actual stocks and Input claimed. The closing stock as carried forward would become the opening stock for the next return period and incorrect returns would lead to the loss of I.T.C. as such leading to the penal provisions being attracted, an official from the department added.