Deadline extended

Special Correspondent

CHENNAI: The State Government has extended the last date for filing stock inventory statement for claiming Input Tax Credit under the Value Added Tax (VAT) regime to February 28.

According to a release from Tamilnadu Chamber of Commerce and Industry president S. Rethinavelu, the Government issued an order on February 15, following recommendations from the VAT Implementation Monitoring Committee.

As per the provisions of the Tamil Nadu VAT 2006, traders and industrialists have to submit stock inventory statement in Form V before January 31 for claiming Input Tax Credit on their closing stock as on December 31, 2006. Many dealers having large number of purchase bills could not file the statement within the deadline, he said.