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What is VAT?
Introduced to replace the Sales Tax, VAT is a multi-point levy on each of the entities in the supply chain with the provision to allow ‘Input tax credit (ITC)’ on tax at an earlier stage, which can be appropriated against the VAT liability on subsequent sale.
Any trading or manufacturing business, whether a sole proprietorship or a partnership firm or a private limited company, It is mandatory for a them to register for VAT if the Sales in any consecutive twelve month period exceeded or is likely to exceed the specified limit. The business must complete a VAT 101 - Application for Registration form and submit it online to the Department. A business may also choose to register voluntarily registration even if the sale, in the past twelve month period, not exceeded the specified limit.

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VALUE ADDED TAX (VAT)

VAT is an intra-state multi-point tax system and is levied on the value added at each stage. Under the VAT regime, the VAT paid by registered persons on goods (including capital goods) purchased from within the state is available for input tax credit. The input tax credit can be used to offset periodic liability either under VAT or the CST. This ensures that the cascading effect of taxes is avoided and that only the value addition is taxed.

We have with us extensive experience in successfully handling the service requirements of handling consultancy services for Value Added Tax. It is a form of indirect Tax and is in nature of multipoint sales tax that needs to be paid to state in form of VAT. It is levied under Central and State VAT legislation and depends on movement of goods in pursuance of sale transaction. If transactions involve movement of goods from one state to another, this tax is levied under Central Sales Tax Act (CSTA), 1956.

Here, our expertise lies in offering VAT services and consultancy support that involves areas like:

  • Getting Sales Tax Registration under Central Sales Tax Act and JHARKHAND VAT Act.
  • Consultancy on matters related to Sales Tax including Tax planning.
  • Preparation of VAT (Value Added Tax) returns.
  • Filing of Electronic VAT returns
  • Help in obtaining statutory forms.
  • Appearing for VAT Assessments.
  • Filing and pleading appeals wherever necessary.
  • Consultancy on matters related to Works Contract Tax

PROCEDURE FOR VAT REGISTRATION IN JHARKHAND

VAT registration is required for any business that is into sales either by way of trading, manufacturing etc. The units may to Proprietary, Partnership, Private Limited as the case.

Documents to be submitted to the Department in person

I. Identification Proof
1.Proprietorship : Pan Card/ Voter's ID/ Driving Licence
2.Partnership: Pan Card of Firm/ Pan Card of the partner who is applying for registration/ Driving Licence.
3.Private Public Ltd. Co. PAN Card of company/ PAN card/ Driving license / Voter's ID of principal officer or CEO who is applying for registration.

II. Proof of Business:-
(i.) If place of business is in his own name then related paper.
(ii.) If place of business is rented then either Rent agreement or Rent receipt.

III. PAN Card of proprietor/ Firm/ Company

IV 2 PP size photographs for proprietor/each partner/Principal Officer/ CEO in case of company.

V. Partnership deed in case of Partnership firm and in case of Private/ Public Ltd co. Certificate of Incorporation and Memorandum & Articles of Association.

VI. Resolution of Board of Directors, meeting regarding authorisation of particular person for filing application for registration/ power of attorney.

VII. Bank A/c : Photocopy of Updated Passbook / Bank Statement

VIII. Residential proof: Telephone Bill/ Electricity Bill/ Voter's ID/ Ration Card/ Gas connection/Passport.

IX. Paper regarding Immovable property if any.

X. Court Fee Stamp of Rs. 50.00 under VAT and Rs. 25.00 under CST

XI. Security under VAT & CST as directed by Circle Incharge.
Modes of Security under VAT are as follows :-
(a) by depositing with the said authority Government securities for the amount fixed by the said authority; or
(b) by depositing such amount in cash, in a Government Treasury; or
(c) by depositing such amount into the different schemes of the Post Office and pledging the such Certificates of deposit and depositing the same with the said authority; or
(d) by furnishing two Sureties, who are registered dealers and are regularly abiding the provisions of the Act, and are acceptable to the said authority, by executing a security bond for such amount in Form JVAT 115 or Form X; or
(e) by furnishing to the said authority a guarantee from a Nationalized Bank approved in this behalf by the said authority, agreeing to pay to the State Government, on demand the amount of security fixed by the said authority.
In case of security furnishing under clause (d), scan the security bond and upload it. The amount of security bond should vary from Rs. 1 lakh to Rs. 5 lakhs depending upon the volume of estimated tax amount in a quarter.
(XII) An affidavit declaring that the contents of application are true and correct.

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