Maharashtra extends VAT stock statement deadline to June 15

The Maharashtra state government late Wednesday issued guidelines on registration of traders under the value added tax system, which came into force on April 1.

The state government also extended the last date for submitting statements of closing stock of goods and capital assets to June 15 from April 30.

However, for dealers entitled to claim a set off against closing stock for April 2005, the last date for submitting the closing stock statement is May 25.

The Maharashtra Value Added Tax Act, 2002 replaced the Bombay Sales Tax Act, 1959 with effect from April 1. Thus, registration certificates under the Bombay sales tax have been cancelled with effect from April 1.

Section 96 (1)(b) of the Maharashtra VAT provides that registration certificates under Bombay sales tax would continue to be valid under VAT, in case the dealer's turnover in 2004-05 exceeds the prescribed turnover limits.

The turnover limit for registration under VAT is Rs 100,000 for importers and Rs 500,000 for other dealers. For those dealers whose turnover in 2004-05 has not exceeded the prescribed limits, their Bombay sales tax registration certificate ceases to remain valid after April 1.

Administrative relief has also been provided for dealers whose registration certificate has ceased to exist under Maharashtra VAT. The state government Wednesday also issued clarifications to rationalise document requirements for registration under Maharashtra VAT.