Which assessee are required to file monthly vat return?
And how is it decided whether to file monthly or quarterly return at beginning of financial year?
CA Jainam Shah (Chartered Accountant) (190 Points)
24 January 2013
Vikash Kumar
(Manager Accounts (CA. Final))
(694 Points)
Replied 24 January 2013
Following limit are under DVAT Act.
|
S. No. |
Turnover (T) in the preceding Financial Year |
Mandatory Tax Period[Rule 26(1)] |
Optional Tax Period [Rule 26(3)] |
|
a |
Turnover is equal to or less than Rs. 10 lacs [T< 10 lacs] |
Year (Six months for 2005-06 commencing from 1.10.2005) |
Six months or quarter or one month (Quarter or one month for 2005-06) |
|
b |
Turnover is more than Rs. 10 lacs and equal to or less than Rs. 50 lacs [10 lacs < T < 50 lacs] |
Six months |
Quarter or one month |
|
c |
Turnover is more than Rs. 50 lacs and equal to or less than Rs. 5 crores [50 lacs < T < 5 crores] |
Quarter |
One month |
|
d |
Turnover exceeds Rs. 5 crores [T> 5 crores] |
One month |
No option |
CA Jainam Shah
(Chartered Accountant)
(190 Points)
Replied 24 January 2013
Is it for gujarat VAT too?
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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