Business accounting software market is a very fast-changing market. The government makes a number of changes based on market conditions. Also, the accounting and taxation laws keep on changing, or government sends some notifications time to time. If you are using a VAT accounting software in your business, then it is very important for the business accounting software to be dynamic and agile. So your accounting software needs timely updates in order to stay current with market changes or changes imposed by the government in the taxation laws or rules.
In a bid to improve the state’s fiscal health, the Uttar Pradesh government has decided to impose an additional tax (AT) up to one percent on a number of commodities from June. 1, 2009. As per the notification, 0.5 per cent AT will be imposed in all the commodities covered in the second schedule of the VAT, on which 4 per cent VAT is being charged by the state government. Similarly, one per cent AT will be imposed on non-categories commodities covered in schedule five, on which 12.5 per cent VAT (Value Added Tax) is being charged by the state government.
Solution provided in our VAT Accounting Software
Advanta Witty Turbo, one of the best VAT Accounting Software available for the Indian market, is now available with additional tax for UP. The prompt team of Advanta has quickly provided an update for Additional Tax as soon as it is imposed by UP government. Advanta Witty Turbo provides fully automatic application of Additional Tax system. Using it Additional Tax @.5% will be automatically applied to all goods VATable @4% and Additional Tax @1% will be automatically applied to all goods VATable @12.5%.