Wednesday, June 6, 2012

Andhra Pradesh Commerical Taxes: Revised VAT Returns: Why Revise Return will not change Opening Balance (OB) of Next Month ?

Dealer can file Revise VAT Return within 6 months from the end of relevant tax period.

Revise Return will not change OB of Next Month. OB for next month will remain as per original Return. (If revise return is allowed to change OB for next month, in that case Closing Balance and OB will get changed for next 6 months and dealer has to file revise return for 6 months and department has to approve all these 6 Revise Returns. It will be heavy burden for dealer as well as department. Hence it is decided that Revise Return will not have any impact on future Returns. Any impact of Revise Return  has to settled for that month ONLY)  

 After facility for Revise Return has been launched, system takes last month Net Credit Carried forward as OB for the current tax period. Now OB cannot be changed by the dealer or by the CTO. OB will also not change even after Revise Return is filed for any Tax period. OB will remain same as per original VAT Return.

Impact of Revise Return will be settled for that month only. It will not have any impact on subsequent tax periods.

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