Around 300 dealers, who used to pay their commercial taxes from Telangana, are expected to opt for filing returns from Vizag division.
Around 300 dealers, who used to pay their commercial taxes from Telangana before bifurcation, are expected to opt for filing returns from Visakhapatnam division. The assessees all over Andhra Pradesh with effect from June 2 were given an option to apply for fresh TIN specifying whether they wanted to file returns from Telangana or Seemandhra or from both States. As of now, 200 have given their option to file returns from Visakhapatnam division.
Visakhapatnam division, one of the leading divisions in collection of commercial taxes in undivided AP, had recorded a collection of Rs.1,294 crore during 2013-14. “With some firms based in our division opting for Telangana or both States, we are expecting more or less same amount of revenue this year,” Deputy Commissioner of Commercial Taxes T. Siva Sankara Rao told The Hindu.
He said the positive feature was that 87 from Secunderabad, 158 from Panjagutta and 78 from Abids divisions opted for Visakhapatnam division. However, he clarified that till the filing of returns scheduled to be done by July 20, they could not arrive at correct calculation.
Bifurcation apparently has division of revenue. For instance, Varun Motors, which files taxes to the tune of Rs.15 crore every month, is likely to pay Rs.8 crore in Visakhapatnam and Rs.7 crore in Telangana, Mr. Rao said. Among large tax payers (LTP), LG Polymers has opted for both States.
Similarly, Overseas Polymers has opted to shift to Telangana from residual State of AP. Among prominent LTPs who opted for both States to file their returns include Rashtriya Ispat Nigam Limited, Coromandel International, Hindustan Zinc Ltd, MMTC, Vijay Nirman Nirmal Company Ltd.
Stating that TIN allotment was done online, he said new registration certificates could be downloaded. The department would also make an arrangement to launch the process of delivering the certificates by courier in a week. It will take a month to complete the process.