TABLE METHOD OF CALCULATION PART-I

Transcription

1 PUNJAB GOVT. GAZ. (EXTRA), DECEMBER 18, (AGHN 27, 1935 SAKA) Part-III GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION-II BRANCH) NOTIFICATION THE 17 th December, 2013 No. G.S.R.66/P.A.8/2005/S.70/Amd. (52)/ In Exercise of the Powers conferred by sub section (1) of section 70 of Punjab Value Added Tax Act, 2005(Punjab Act No. 8 of 2005) and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make following rules further to amend the Punjab Value Added Tax Rules, 2005 namely:- Rules 1. (1) These Rules may be called the Punjab VAT Rules (Seventh Amendment) Rules, (2) They shall come into force with immediate effect. 2. In the Punjab VAT Rules, 2005 (hereinafter referred to as the said rules), after rule 52-A, the following rule shall be insertenamely:- "52-B. Procedure for refund under the star rating or fast track scheme.- (1) A taxable person, who opts to get refund under this rule, shall make an application to the Assistant Excise and Taxation Commissioner, who is in-charge of the district concerned, for obtaining star rating based on the criteria as specified in the Table given below, namely:- Serial No. Factors for determining star rating 1 Business entity, how old from the date of its registration TABLE METHOD OF CALCULATION PART-I Method of calculation of points Maximum points-15 (i) First five years; and Zero (ii) From sixth year till twentieth year One point for each completed year (iii) Above twentieth year Fifteen 2 Exports made to countries Maximum points-10 (i) (ii) (iii) United States of America, United Kingdom, Canada, Australia, Newzealand and Europe; All African countries, Russia and Latin America; Gulf and South East Asian Countries; and Ten Five Two

2 3 Average gross turnover of the business entity, during the last three years (iv) Nepal, Bangladesh and any other country. Maximum points-10 One (i) Less than10 crores Zero (ii) crores Two (iii) crores Five (iv) crores Eight (v) 40 crores and above Ten 4 Past record of the business entity, during the last ten years 5 Awards, if any received by the business entity (i) (ii) Maximum points-10 If any appeal is pending and the taxable person has deposited 25 percent of additional demand, interest and penalty; and If the taxable person has deposited full amount additional demand, interest and penalty. Four (iii) No tax evasion Eight (iv) No tax evasion and is an established Brand. Maximum points-5 Six Ten (i) State Level; and Five (ii) District Level. Three Points obtained by the business entity Rating PART-II Number of days within which refund is to be made Penalty, if wrongly claimed by the business entity percent percent percent 40 and above percent Note: - For the purposes of this rule, the 'business entity' means the person, as defined in clause (t) of section 2 of the Act. (2) The aforesaid officer shall examine the said application and determine as to whether the applicant is entitled for the rating he applied for, or for a lower star rating. After determining the rating, the said officer shall pass a speaking order accordingly and convey the same to the applicant. (3) Whenever the taxable person with the star rating so determined by the said officer, intends to seek refund, he shall submit all documents pertaining to the refund as required under rule 52. He shall also furnish an indemnity bond in Form VAT-59-A, on a Non-Judicial Paper equal to the amount of refund claimed alongwith penalty applicable to the star rating so determined.

3 (4) On receipt of application as specified in sub-rule (3), the aforesaid officer, shall make the refund within the period as specified in Part-II of the aforesaid Table. (5) After making refund to an applicant, the aforesaid officer either himself or any other officer, who is duly authorised by him, shall make an audit of the refund claimed or allowed under this rule. (6) An audit referred to in sub-rule (5), may be done by an officer, who is duly authorised by the Excise and Taxation Commissioner, as and when required. (7) If it is found at the time of audit or at any later stage that any taxable person, has obtained a wrong refund under this scheme, in that case such refund amount shall be recovered by the aforesaid officer alongwith simple interest at the rate of one and a half percent, from the date of issue of such refund. The taxable person shall also be liable to pay the penalty as specified in section 56 of the Act read with sub-rule (1), on such refund which has wrongly been claimed by such person within a period of thirty days. (8) Any taxable person, who has committed a fraud after his registration under this Act, shall not be entitled to claim any refund under this rule. 52-C. Maintenance of the Refund Fund Account. - (1) The Excise and Taxation Commissioner or an officer duly authorised by him in this behalf, shall open and maintain an account in any Scheduled Commercial Bank and all the amounts received as advance tax under sub-section (7) of section 6 of the Act, shall be deposited in it. (2) The Excise and Taxation Commissioner shall fix the maximum upper limit of the Fund, at the disposal of each Assistant Excise and Taxation Commissioner, for making refunds out of that, in each district of the State from time to time. (3) The Excise and Taxation Commissioner shall transfer the balance amount in the Refund Fund account, in the consolidated fund of the State under the Head of Advance Tax at the end of the month on a particular date as fixed by him from time to time. 3. In the said rules, after Form VAT-59, the following Form shall be inserted: -

4 "FORM VAT-59-A [See sub-rule (4) of rule 52-B] INDEMNITY BOND It is for the information of all that I (Give full name and address of taxable person), registered under Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), in the State of Punjab vide Registration No. dated (hereinafter called the Obligor), am bound to the Governor of Punjab (hereinafter called the Obligee), in the sum of rupees (write rupees in the words) (hereinafter referred to as the said sum ) to be paid to Government on demand for which payment, I bind myself and my heirs and assigns. Signed this day of Two Thousand and WHEREAS, as per the provisions of sub-rule (3) of rule 52-B of Punjab Value Added Tax Rules, 2005, an Indemnity Bond is required to be furnished by the person, who makes a claim for the refund under Star Rating Scheme under rule 52-B of the said rules. WHEREAS, the obligor obtained the rating of under star rating scheme under rule 52-B of the said rules, has applied for the refund of an amount of rupees (write rupees in words), for the month ending on, under the aforesaid rule 52-B. WHEREAS, in case of any loss to the Government, which shall be decided by the Government or by the authority appointed by it, for the purpose of calculating the quantum of such loss, shall be final and binding on the Obligor. Now, the condition of this Indemnity Bond is such that the Obligor shall in the event of any loss caused to the Government for not submitting the statutory declaration forms as envisaged for the purpose under these rules, pay to the Government on demand and without demur, the said sum of rupees (write rupees in words). IN WITNESS WHEREOF the Obligor has set his hand or his authorized representative on the day, month and year written above, in the presence of:

5 (Obligor s Signature) Accepted for and on behalf of the Obligee (write name and designation of the officer duly authorized in pursuance of article 299(1) of the Constitution of India, to accept the Indemnity Bond for and on behalf of the Governor of Punjab), in the presence of: (Signature of the officer with name, designation and seal)"." D.P. REDDY, Financial Commissioner Taxation and Secretary to Government of Punjab, Department of Excise and Taxation.