- Puducherry Govt notifies Value Added Tax (Amendment) Act, 2015 w.e.f. April 1, 2015; Inter alia, amends definition of ‘tax period’ u/s 2(zk) to mean a ‘quarter’ for dealers opting for compounding scheme u/s 19 of VAT Act, and ‘calendar month’ for other dealers; A dealer can opt to pay registration fee for 3 years in advance by remitting a sum equal to 3 times of specified fees u/s 8(2); Registration certificate to be valid for 1 year / 3 years, as the case may be, and shall be renewed on expiry of validity period on payment of requisite fee, until cancellation; Increases the composite works contract tax rate to 5% from 4% (on 70% of value of consideration received / receivable) u/s 15;
- Also increases the turnover threshold for audit of accounts by Chartered Accountants / Cost Accountants from Rs 50 lakhs to Rs 1 Cr; Further, exempts retrospectively “aviation turbine fuel” sold to aircraft with maximum take off mass of less than 40,000 kgs operated by scheduled airlines, as specified in Sec 14 of CST Act, w.e.f. December 29, 2014; Makes corresponding amendments to Puducherry VAT Rules, including Rule 19, whereby every dealer opting for compounded tax rate should file return for each tax period in Form K on or before 15th of month succeeding the relevant quarter, alongwith tax payment proof : Puducherry VAT Notifications