Download Tamil Nadu Vat Form V

Download Tamil Nadu Vat FORM V: Stock Inventory under the Tamil Nadu Value Added Tax 2007

As per Tamil Nadu vat Rule 10

(1) Every registered dealer, other than those who opt to pay tax under sub-section (4) of section 3 or section 6 or section 8, who claims input tax credit for other than capital goods purchased on or after 1st January 2006 held in stock on the commencement of the Act, shall submit a stock inventory statement in Form V in duplicate along with photostat copy of related purchase invoice or bill within thirty days from the date of commencement of the Act.

(2) Notwithstanding anything contained in sub-section (2), but subject to the provisions of subsection (1), every dealer, who effects second and subsequent sales of goods purchased within the State, whose total turnover, for a year, is less than rupees fifty lakhs, may, at his option, instead of paying tax under sub-section (2), pay a tax, for each year, on his total turnover at such rate not exceeding one per cent, as may be notified by the Government. Such option shall be exercised by the dealer within 30 days from the date of commencement of this Act:

Provided that such dealer shall not collect tax exceeding the rate notified by the Government under this sub-section:

Provided further that such dealer shall not be entitled to input tax credit on goods purchased by him:

Provided also that the dealer who purchased goods from such dealer shall not be entitled to input tax credit on the goods purchased by him.

(3) Notwithstanding anything contained in sub-section (1) of section 7, every dealer whose total turnover is not less than rupees ten lakhs but not more than rupees fifty lakhs for the year on the sale of ready to eat unbranded foods including sweets, savouries, unbranded non-alcoholic drinks and beverages served in or catered indoors or outdoors by hotels, restaurants, sweet-stalls, clubs, caterers and any other eating houses, may, at his option, instead of paying tax in accordance with the provisions of clause (b) of sub-section (1) of section 7, pay tax at the rate specified in the Third Schedule.

Explanation.– For the purpose of computing the total turnover under this sub-section, the purchase turnover liable to tax under section 12 shall be added to the sales turnover.

(4) Every dealer, who opts for payment of tax under sub-section (1), shall apply to the assessing authority on or before the 30th day of April of the year or within thirty days of commencement of business, as the case may be, and shall pay tax in advance during the year in monthly instalments and for this purpose, he shall furnish such returns, within such period and in such manner, as may be prescribed.

(5) The option so exercised under sub-section (2) shall be final for that year and shall continue for subsequent years until the dealer becomes ineligible or withdraws his option in writing.

(6) A dealer liable to pay tax under sub-section (1) shall not collect any amount by way of tax or purporting to be by way of tax on the sale of food and drinks.

(5) The dealer, who pays tax under this section, shall not be entitled to input tax credit on goods purchased by him.

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