VAT vs. TURNOVER TAX:

 

Point of difference	VAT	TURNOVER TAX
Tax rate	15%	4%
Rebate	Allowed	Not Allowed
Tax payment	Monthly	Quarterly
Return	VAT-9.1	VAT-9.2

 

Penalty as VAT and SD Act. 2012.

 

Sl. No.	Non-compliances	Penalty
1.	Non-compliance or irregularity for not applying for  registration  or  enlistment  within  the prescribed time-limit;	10,000/-
2.	Non-compliance   or   irregularity  for  not displaying  the  registration  or  turnover  tax certificate in a visible place;	10,000/-
3.	Non-compliance   or   irregularity  for  not informing the Commissioner  of the change in the information of the economic activity;	10,000/-
4.	Non-compliance or irregularity for not applying for cancellation of registration or enlistment within the prescribed time-limit	10,000/-
5.	Non-compliance or irregularity for not abiding by the provision of section 9(5);	10,000/-
6.	Non-compliance or irregularity for not filing the VAT or turnover tax return within the prescribed time period;	10,000/-
7.	Non-compliance or irregularity for not issuing tax invoice, credit note, debit note, combined tax invoice and withholding certificate;	10,000/-
8.	Non-compliance or irregularity for not keeping records in the prescribed manner;	10,000/-
9.	Non-compliance   or   irregularity  for  not furnishing fixed security;	10,000/-
10.	Non-compliance or irregularity for not filing the Input output co efficient within the prescribed time period	10,000/-
11.	Non-compliance or irregularity for not making inclusion of the output tax in the return;	Twice the amount of output tax not included;
12.	Irregularities for taking more input tax credit  than entitlement in the return;	Twice the amount of input tax irregularly taken;
13.	Irregularity relating to making an increase of a decreasing adjustment or making a decrease of an increasing adjustment in the return;	Twice the amount of increased decreasing adjustment or twice the amount of decreased increasing adjustment;
14.	Irregularity for willingly evading or attempting to evade assessment and payment of taxes;	Twice the amount of taxes evaded.

 

Power of Officers as per VAT and SD Act. 2012

 

OFFICERS	POWERS
Commissioner or Chief Commissioner	value  of  the  goods  or  services  exceeding 40,00,000/-
Additional Commissioner	value  of  the  goods  or  services  NOT exceeding 40,00,000/-
Joint Commissioner	value  of  the  goods  or  services  NOT exceeding 30,00,000/-
Deputy Commissioner	value  of  the  goods  or  services  NOT exceeding 2 0,00,000/-
Assistant Commissioner	value  of  the  goods  or  services  NOT exceeding 10,00,000/-
Revenue Officer	value  of  the  goods  or  services  NOT exceeding 4,00,000/-