NEW VAT CLASS AVAILABLE FOR ANY EARLIER VERSION OF TALLY

In compliance with the respective State Budgets for the Financial Year 2013-14, new classifications have been provided as per the prescribed VAT rates effective from 1st April 2013 to record transactions.

 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 value of entries recorded using the new classifications in respective fields of VAT Forms. 

The list of States with the respective VAT/Tax classifications is as follows:   

Indian Taxation VAT In compliance with the respective State Budgets for the Financial Year 2013-14, new classifications have been provided for the following States as per the prescribed VAT rates effective from 1st April 2013 to support transactions. 

♦ Chhattisgarh    — Decrease in VAT rate from 5% to 3% on TMT steel bars 


♦ Himachal Pradesh    — New VAT rate of 9% on all types of footware    — Increase in VAT rate from 11% to 22% on bidis and 18% to 36% on cigarettes,        cigar etc 


♦ Jammu & Kashmir    — Increase in VAT rate from 30% to 40% on cigarettes 


♦ Kerala    — Increase in VAT rate from 6.75% to 7.25% and 13.5% to 14.5% 


♦ Maharashtra    — Increase in VAT rate from 1% to 1.10% on gold, silver and   their jewellery


 ♦ West Bengal    — Increase in VAT rate from 4% to 5% and 13.5% to 14.5%    — Increase in VAT rate from 20% to 25% on tobacco products and cigarettes