Wednesday, April 20, 2016

Amendment in Forms DVAT-16, 17, 30 & 31


Forms #DVAT-30 and DVAT-31 have been amended. Dealers are now required to maintain their records in a manner to provide details of purchases and sales along with the description of goods and their codes.

Simultaneously, Return Forms DVAT-16 and DVAT-17 have been amended. Dealers are now required to furnish details of purchases and sales in Annexure 2A and 2B along with the description of goods and their codes.
Further, in respect of sales made to unregistered dealers/persons, person-wise details including their PAN shall also be furnished wherever these details have been obtained by the seller in compliance to the provisions contained under the Income Tax Act.
As per Rule 114B of the #IncomeTaxRules, every person shall quote his permanent account number (PAN), inter alia, in the following documents pertaining to the transactions relating to sales and purchases:-
Sl. No.
Nature of Transaction
Value of Transaction
Sale or purchase of a motor vehicle or vehicle, as defined in section 2(28) of the Motor Vehicles Act, 1988, which requires registration by a registering authority under Chapter IV of that Act, other than two wheeled vehicles.
All such transactions.
Payment to a hotel or restaurant against a bill or bills at any one time.
Payment in cash of an amount exceeding Rs. 20,000/-.
Sale or purchase, by any person, of goods or services of any nature other than those specified above.
Amount exceeding Rs. 2 lacs per transaction

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