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DECISION TAKEN IN 22ND GST COUNCIL MEETING
1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufacturers & 5% for Restaurant.
2. Filing of Returns up-to Turnover of Rs. 1.50 Cr – Quarterly (Non Composition Assesses)
VAT- Value Added Tax is a consumption tax. As value addition takes place, tax on the value added is paid at that stage. Value added Tax is the tax charged on sales made within the state. VAT paid on purchases is adjusted against VAT collected on sales. Thus, VAT paid is an asset
VAT Computation Statement-
VAT Computation is the summary report of all transactions related to VAT.
Select Display→ Statutory Reports→ VAT Reports→ VAT Computation
The report is primarily is split into 2 sections, namely Sales & Purchases. Particulars of Output tax appears under Sales while Input tax under Purchases.
The periodical VAT return forms can be accessed through the Tally. The Statutory return forms for each state varies and the Tally produces the return form applicable for the state.
Display→ VAT Reports→ VAT Forms→ VAT Return