100 things of TAX for common man.-VAT

63) VAT registration is compulsory if Gross Turnover exceeds Rs. 10 lakhs.
64) VAT rate is 1%, 5%, 12.5%, and 20% and CST rate is 2% on respective commodities.
65) Return Periodicity should be verified every year from the Departments site www.mahavat.gov.in
66) Periodicities of Returns are Monthly, Quarterly and Half yearly.
67) Vat payment and return should be filed within 21st of next Quarter, Month or Half Year.
68) Late payment of VAT will attract Interest @ 1.25% p.m.
69) A late fee of Rs. 1000 is to be paid if late return is filed.
70) Late fee of Rs. 5000 is charged if Return filed after 30 days.
71) Full set off can be taken on Plant and Machinery and Electrical Fitting.
72) 3% of retention is to be taken on Office Equipment’s and Computer.
73) Setoff of Software, Building and passenger car is not available.
74) AnnexureJ1 mentioning TIN of sellers has to be filed with Vat return.
75) AnnexureJ2 mentioning TIN of buyers has to be filed with Vat return.
76) Vat Setoff cannot be carried forward to next year if it exceeds Rs. 5 lakhs.
77) VAT Audit is compulsory if Gross Turnover exceeds Rs. 1 Crore.
78) Due date for filling VAT Audit report is 15th January.
79) Dealer can verify the details of return filed and Registration from the “Dealer information System.”
80) Mis-match report of Annexure J1 and J2 should be verified and should be reconciled.
81) Composition Scheme is available for Retailers having Gross turnover less than Rs. 50 Lakhs.
82) WCT is to be deducted if Works Contract exceeds Rs. 5 lakhs.
83) 5% of WCT is to be deducted for non-registered dealers instead of 2%.
84) TDS deductor has to file return before 30th June after end of financial year.