Whether to consider taxable turnover or total turnover for the purpose of VAT 240. My total turnover was Rs.1,01,75,547/- ( out of which exempted is Rs.7,99,690/- and Tax collected Rs.11,87,336/- ) My net taxable turnover was Rs.81,88,521/-
Am I liable to file the VAT 240 or not please confirm.
07 July 2024
For the purpose of filing VAT 240 (Annual Return), you typically need to consider your taxable turnover.
In your case: - Total turnover: Rs. 1,01,75,547/- - Exempted turnover: Rs. 7,99,690/- - Tax collected turnover: Rs. 11,87,336/- - Net taxable turnover: Rs. 81,88,521/-
Since VAT 240 is usually based on taxable turnover, which is Rs. 81,88,521/- in your case, you are likely liable to file the VAT 240 return. This form is used to report your taxable turnover and pay any tax due on it.
Ensure you verify the specific requirements and due dates applicable to your state or jurisdiction regarding the filing of VAT 240. It's essential to comply with these regulations to avoid any penalties or compliance issues. If in doubt, consulting with a local tax advisor or contacting your jurisdiction's tax department for clarification would be advisable.
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