24 August, 2012

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DVAT - A little more Sharper

Yes, DVAT is getting a little more sharper. This time the aspects related to Stock disclosure have been selected by Delhi VAT Authorities. Pursuant to Section 70 of DVAT Act, The Commissioner may notify and publish any forms which may be necessary for the reporting of information to the Value Added Tax authorities.

Where the Commissioner has notified a form for a particular purpose, all persons shall be required to report the information.Failure to comply with a requirement in a notification may be punishable with fine provided that the amount of the fine does not exceed ten thousand rupees or such other amount as may be prescribed.

Stock Details Required by the Department

Tax rate wise details of closing stock as on 31st March shall be submitted by the dealers every year online, using their login id and password. For this purpose, Form Stock-1 has been provided & shall be used. The last date for filing of the rate wise details of closing stock as on the 31st day of March every year online, in form Stock-I, shall be the 30th day of June of the same year. However, information regarding the stock details as on 31/03/2012 should be furnished online latest by 31/10/2012.

Notification No. F. 7/433/Policy-II/VAT/2012/ 472-483 dated 16.8.2012

Procedural & Operational Clarification

Vide notification No.F.7/433/Policy-II/VAT/2012/472-483 dated 16.08.2012, the Department of Trade and Taxes has notified form Stock-1 and has made it mandatory for all dealers to submit online, Tax Rate Wise details of stock held on 3pt day of March every year in form Stock-1.

This information is to be filed latest by the so" day of June every year. However, the information relating to stock held as on 31st day of March 2012, is required to be submitted online up to 31st day of October, 2012.

This information is to be submitted online on the website of the Department www.dvat.gov.in. The link for online filing of form Stock-1 can be accessed by going to the www.dvat.gov.in ----online return filing --- dealer login ---- Profile ---- Add Stock. User manual for online submission of form Stock-1 is available in the link titled "User Manual" on the Home Page.
The information filed by the dealers in form Stock-1 will be used in scrutinising the information given by the dealer, in DVAT / CST returns and Annexure 2A and 2B. It may be noted that in the event of non-submission of this information online, by the date designated for this purpose, it will be presumed that the value of stock in hand on 31st day of March of the relevant year was NIL and the returns for tax periods preceding and succeeding 31st day of March shall be assessed accordingly.

Non compliance of these instructions will make a dealer liable to pay penalty under sub section (5) of section 70 of Delhi Value Added Tax Act, 2004.

All registered dealers are, therefore, requested to kindly file the requisite information online, within the stipulated time, so as to avoid inconvenience, adverse assessment and penalty at a later date.
No. F.7/433/Policy-II/VAT/2012/495-503

CIRCULAR No. 14 of 2012-13 dated 22.08.2012

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