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Discussion > VAT >

VAT 240 Returns

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Accounts Executive


[ Scorecard : 27]
Posted On 24 December 2009 at 00:08 Report Abuse

Hi,

Let me know VAT 240 is applicable only for Local Turnover exceeds 40Lakh(within State, includes Taxable and Exempt) or Includes Interstate turnover also.

Let me ASAP plz......plz......


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Shivakumar S
CA Final Student (Article Asst)


[ Scorecard : 27]
Posted On 25 December 2009 at 12:07

Hi,

As per Section 2(34) of VAT Act Taxable turnover means the turnover on which a dealer shall be liable to pay tax as derermined after making such deductions from his totoal turnover and in such manner as may be prescribed, but shall not include the turnover of purchase or sale in the course of inter-State trade or commerce or in the course of export of the goods out of teh territory of India or in the course of import of the goods into the territory of India and teh value of goods transferred or despatched outside the State otherwise than by way of sale.

As per the explanation above, VAT-240 is applicable only if the local taxable turover is rs.40 lakhs, it is applicable. You can also go through section 31 of VAT Act.





MAHENDRA KUMAR BAGRECHA
FCA


[ Scorecard : 1223]
Posted On 25 December 2009 at 12:50

Dear sir,

VAT audit under KVAT Act,2003 is applicable on local turnover only and it does not include CST turnover.




JAGADEESH
CA-FINAL ( FINANCE MANAGER)


[ Scorecard : 57]
Posted On 31 December 2009 at 12:47

Please tell me the penalty & interest provisions related to VAt 240 non-submission on pr before 31.12.2009




JAGADEESH
CA-FINAL ( FINANCE MANAGER)


[ Scorecard : 57]
Posted On 31 December 2009 at 12:52

PLEASE TELL ME THE PENALTY AND INTEREST PROVISIONS FOR NON-SUBMISSION OF VAT-240 WITHIN 31ST DECEMBER.  ALSO LET ME KNOW, IS THERE ANY MENTHOD TO APPLY TO CONDONE THE DELAY IN FILING VAT 240 DUE TO ABNORMAL CONDITIONS.




MAHENDRA KUMAR BAGRECHA
FCA


[ Scorecard : 1223]
Posted On 31 December 2009 at 18:15

Dear sir,

A penalty of Rs.5000 will attract if VAT 240 will not be filed on or before 31st December 2009



Total thanks : 1 times



SPR
CA


[ Scorecard : 21]
Posted On 28 December 2010 at 13:18

Would like to know the procedure for filing VAT 240 return for the FY ended 31-03-2010

Thanks and regards

Ramesh




krishna
ACCOUNTANT


[ Scorecard : 21]
Posted On 29 December 2010 at 16:11

plese send kvat 240 from




Chandrashekar
Consultant


[ Scorecard : 21]
Posted On 30 December 2010 at 05:23

Please tell me the penalty & interest provisions related to delay in filing VAt 240 or non-submission on or before 31.12.2010



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