Form VAT-16
The relevant part of rule 36(1) of The Punjab Vat Act is reproduced
below:-
".... Provided further that a person, whose annual gross turnover exceeds
Rupees One Crore in the previous year, shall determine his tax liability for
every month and shall pay tax by the 20th day of the month, if paid
through the crossed cheque or draft by the 30th day of the month, if paid
through the treasury receipt and shall submit the same to the designated
officer, along with the information in Form VAT-16 and payment for the
last month of each quarter shall be made on the 20th or the 30th day of
the close of quarter, as the case may be along with the quarterly
return......."
Monthly payment of tax and submission of Form VAT-16 is required for the
first two months of a quarter. For the 3rd month Quarterly return in Form
VAT-15 is to be submitted.
