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?
2 Replies
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?
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