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Retail tax return - Star - 08-14-2010
Dear All,
What is retail tax return? what is its rate and procedure of filing such return???
Regards,
*
- Information Consultant - 08-14-2010
Who is liable to register
every retailer whose turnover exceeds rs 5 m during last 12 month
Procedure
Retail tax return file quarterly
SEC 26 AA
(1) Every registered retailer making taxable supplies shall furnish a true and correct return in the prescribed form to the designated branch of the bank specified by the Board.
(2) A return for the period or any part of the period from the 1st January to the 31st March shall be furnished on or before the 15th April, in that year.
(3) A return for the period or any part of the period from the 1st April to the 30th June shall be furnished on or before the 15th July, in that year.
(4) A return for the period or any part of the period from the 1st July to the 30th September shall be furnished on or before the 15th October, in that year.
(5) A return for the period or any part of the period from the 1st October to the 31st December shall be furnished on or before the 15th January, in the following year.
(6) If there is a change in the rate of tax during a tax period, a separate return in respect of each portion of tax period, showing the application of different rates of tax, shall be furnished.
rate
rates depend on the product like biscuits 16 % etc
- LapTop - 08-16-2010
Every person required to be registerd as a retailer under the Act shell, if not already registerd, obtain registration in the manner specified in Chapter I of the Sales Tax Rules, 2006.
A retailer operating under "The Sales Tax Special Procedure Rule 2007" shell deposit the sales tax due along with return on quarterly basis in the mannes prescribed in Chapter II of the Sales Tax Rules, 2006,
Tax Rate-
Up to Rs. 1.25 Million Nil
More than Rs.1.25 million and up to Rs. 2.50 million ----- 0.5% of turnover which is in excess of Rs. 1.25 million
More than Rs.2.5 million ------ Rs. 6,250 plus 0.75% of turnover which is in excess of Rs. 2.5 million