Available new stat 195 from 26th April, 2013
New Stat.900 Version is available free for existing Tally User
Major Enhancement are :
To comply with the change in VAT rates of Bihar, Gujarat and West Bengal, the appropriate VAT/Tax Classifications for the new VAT rates have been provided. The value of entries recorded using these classifications will be currently captured only in VAT Computation report. In the forthcoming Stat.900 releases, the functionality will be enhanced to capture the values of entries recorded using these classifications in the respective fields of return forms.
For change in VAT rate from 20% to 30% on tobacco products, the following VAT/Tax classifications are provided:
- Input VAT @ 30% / Purchases @ 30%
- Interstate Purchases @ 30%
- Purchase From URDs – Taxable Goods @ 30%
- Output VAT @ 30% / Sales @ 30%
- Output VAT @ 30% to URDs / Sales @ 30% to URDs
- CST @ 30% / Interstate Sales @ 30%
- Input Tax Credit on Purchase From URDs @ 30%
- Purchase Tax @ 30%
For change in VAT rate from 22.5% to 27.5% on tobacco products, the following VAT/Tax classifications are provided:
- Input VAT @ 27.5% / Purchases @ 27.5%
- Purchase From URDs – Taxable Goods @ 27.5%
- Input Tax Credit on Purchase From URDs @ 27.5%
- Purchase Tax @ 27.5%
- Output VAT @ 27.5% / Sales @ 27.5%
For change in VAT rate on goods whose MRP is inclusive of tax, the following VAT/Tax classifications are provided:
- Input VAT @ 4.76% / Purchases @ 4.76%
- Input VAT @ 12.66% / Purchases @ 12.66%
- Interstate Purchases @ 4.76%
- Interstate Purchases @ 12.66%
- Purchase From URDs – Taxable Goods @ 4.76%
- Purchase From URDs – Taxable Goods @ 12.66%
- Output VAT @ 4.76% / Sales @ 4.76%
- Output VAT @ 12.66% / Sales @ 12.66%
- CST @ 4.76% / Interstate Sales @ 4.76%
- CST @ 12.66% / Interstate Sales @ 12.66%
- The list of Trade Names has been updated as per the TradeCommodityName.xls file provided by the Excise and Taxation Department.
- The e-VAT functionality of Form VAT 18 and 19 has been enhanced as per the latest templates.
- For increase in VAT rate from 20.5% to 50% on cigarettes, the following VAT/Tax classifications are provided.
- Input VAT @ 50% / Purchases @ 50%
- Purchase From URDs – Taxable Goods @ 50%
- Output VAT @ 50% / Sales @ 50%
- Purchase Tax @ 50%
The values of entries recorded using these VAT/Tax classifications will be captured in Form VAT 15, 16, 20, 23 and 24.
- The Form VAT – 2 Challan and Form – II (CST) Challan have been enhanced as per latest statutory requirements.
Service Tax :
- The new Form ST-3 has been provided in adherence to notification number – 01/2013-Service Tax of the ACES.
- New exception report – Update Service Category has been provided in Exception Reports menu to update Taxable Service to respective service category.
During the period – July to September 2012, as per Department specifications, the service tax on taxable services was accounted as Taxable Service. As per the latest notification, the assessees have to file returns in new Form ST-3 for the same period based on the respective service categories.
The new Form ST-3 can be generated, after updating the service categories of all transactions categorised as Taxable Service from Update Service Category report.
- The Type of Organisation selected in Company Service Tax Details (F11: Features > F3: Statutory & Taxation) gets captured in section A8 of Form ST-3.
Tax Deducted at Source:
- In the voucher printing screen of TDS Challan, the options to – print either the party name or name as per PAN and specify the cheque date has been provided. Based on the selection made the name and date will be captured in TDS Challan ITNS 281.
- In compliance with the Budget 2013-14, the following changes have been incorporated :
- Income tax deduction (U/s 87A) of an amount equal to hundred per cent of income tax or an amount of ` 2000, whichever is less, for an assessee being an individual resident in India, whose total income does not exceed ` 5,00,000.
- Surcharge of 10% for individuals whose taxable income exceeds ` 1 crore per year.
- Income Tax Benefit on interest on Home Loan (First Time Buyer) U/s 80EE for an amount not exceeding ` 1,00,000.