Wednesday, October 9, 2013

ADVANCE TAX UNDER PUNJAB VAT

GOVT. of PUNJAB
Excise and Taxation Department
PUBLIC NOTICE
Dated: 4th October 2013
Attention: All VAT Dealers, Transporters, Chartered Accountants and Advocates
Subject: Payment of Advance Tax
1. Just like the dealers used to do in the case of Entry Tax, they will be able to deposit the Advance Tax at the ICCs. For this an entry will be made in the computer system at the ICC.
2. In addition to above, the dealers will be able to deposit the Advance Tax in the office of AETC as well as through internet banking.
3. Procedure for depositing the Advance Tax in the office of AETC:
a. If a dealer frequently imports goods in to the State, he may deposit a lump-sum of Advance Tax in the office of AETC.
b. For this purpose the dealer may make payment through challan in form VAT 2 under sub-head ‘Advance Tax’ (0040-00-111-01).
c. Once a dealer has made the payment in the Treasury in the above sub-head, he will present the receipt at the front window at AETC office. The AETC office will immediately enter the amount of Advance Tax into the credit of the dealer in the computer system.
d. Thereafter whenever the dealer presents any goods at any ICC, the system will automatically work out the Advance Tax due and deduct that amount from the lump-sum already deposited by the dealer. The dealer/ driver will be given a receipt showing the advance tax deducted on account of that import.
4. Procedure for payment through internet banking:
a. In order to make the facility of payment of Advance Tax 24x7, the Department has developed a software and tied up with following seven banks:
i. ICICI bank
ii. HDFC bank
iii. Punjab National Bank
iv. Kotak Mahindra
v. Axis Bank
vi. Bank of Baroda
vii. Canara Bank
b. For availing this facility, the dealer may visit the website of the department www.pextax.com and open the VAT 2 challan and fill up the details in the sub-head “Advance Tax” (0040-00-111-01).
c. The dealer can do so either through his log-in or through facility of open payment.
d. After the challan details are filled, the dealer or the person making the payment will be routed to the bank website where he can make the payment of the advance tax. His ledger with the Department will be updated post successful transaction.
e. Thereafter whenever the dealer presents any goods at any ICC, the system will automatically work out the Advance Tax due and deduct that amount from the lump-sum already deposited by the dealer. The dealer/ driver will be given a receipt showing the advance tax deducted on account of that import.
Thank you;
Anurag Verma (IAS)
Excise and Taxation Commissioner
Govt. of Punjab

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