TN extends date for closing stock input tax credit
February, 19th 2007
The Tamil Nadu Government has extended the last date for traders to file their stock inventory statement to avail themselves of input tax credit for goods purchased last year.
According to an order, GO (MS) No 51, issued on Thursday, traders have up to February 28 to file the closing stock inventory statement as on December 31, 2006.
They were earlier expected to file the statement on January 31. According to information available on the State Government Web site, the Commissioner of Commercial Taxes has reported that a sizeable number of dealers, especially in the pharmaceutical industry and trade, have not filed the statements because a large number of purchase bills had to be consolidated and photocopied.
Also, the provision of extending input tax credit for closing stock of goods of second and subsequent purchases was notified only on January 1.
The Commissioner has recommended that the time may be extended as this facility is only a one-time benefit.
Assessing authorities will accept up to February 28 the inventory statements as prescribed in the Tamil Nadu Value Added Tax rules 2007.
A release from the Tamil Nadu Chamber of Commerce and Industry said that the move follows the recommendations of the VAT implementation monitoring committee.