31 August 2007
For the F.Y. 2005-2006, A dealer had excess credit available Rs.1,10,000/-. He carried forward it to F.Y. 2006-2007, instead of claiming refund. Now for 01.10.2006 to 31.03.2007, whether he should file Six monthly return or monthly return ?
24 November 2007
If it is relating to VAT, I think in your state too, frequency of return is determined by the quantum of taxable turnover and not by amount of ITC b/f.
29 November 2007
As per the VAT Act, the periodicity to file returns is dependent upon tax paid during last financial year. As per your details it is not the first year of registration so respective provisions for new dealer do not apply. If tax paid or refund entitled during year is below Rs 36000/- then periodicity is six monthly. Rs 36000/- to rs 100000/- Quarterly & above rs 100000/- Monthly. so confirm your clients tax paid during previous year & decide the periodicity. Have a nice day.
CAclubindia
