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Tuesday, August 27, 2013

AP Revise Return Clarification_Feb2013

Clarification on Revise VAT Return
Date: February 8, 2013

In the month of April 2012, department has launched the facility of filing Revise VAT Return online. Latest Guidelines are as follows:

1.    Dealer can file Revise VAT Return within 6 months from the end of relevant tax period.
2.    However Dealer cannot change OB from previous month. This will remain same as per previous month Return.
3.    CTO will approve such Revise Return. On approval by CTO, original Return will be replaced by revise Return in database. Original Return will go to History database.  
4.    Revise Return will not change Net Credit Carried Forward (OB for Next Month). NCCF for current month and OB for next month will remain as per original Return. (If revise return is allowed to change NCCF for  current month and OB for next month, in that case NCCF and OB will get changed for next 6 months and dealer has to file revise return for 6 months and department has to approve all these 6 Revise Returns. It will be heavy burden for dealer as well as department. Hence it is decided that Revise Return will not have any impact on NCCF and OB for subsequent months. Any impact of Revise Return  has to settled for that month ONLY)  
5.     Revise Return may result in following situations:
a.     Increase in tax Liability: CTO will issue notice for additional demand and dealer shall pay accordingly.
b.    Decrease in tax liability: Dealer DCB Register Report will show excess credit. Dealer can use such excess credit for paying his future tax liability.
c.    Increase in Net Credit Carried Forward: Dealer DCB Register Report will show excess credit. Dealer can use such excess credit for paying his future tax liability.
d.    Decrease in Net Credit Carry Forward: Based on DCB Register, CTO will issue notice for additional demand and dealer shall pay accordingly.






Commissioner, CT

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