karantaka vat
This query is : Resolved
16 December 2009
When is VAT 240 applicable?
A partnership firm is having an export business and has been registered for sales tax as the input tax paid is claimed as refund. The turnover for income tax purpose is more than 40 lacs and total sales comprises of exports.so, should it file the vat 240 or not?
A partnership firm is having an export business and has been registered for sales tax as the input tax paid is claimed as refund. The turnover for income tax purpose is more than 40 lacs and total sales comprises of exports.so, should it file the vat 240 or not?
17 December 2009
for the FY 2008-09 the Taxable turnover under KVAT exceeds 40 L then only a registered dealer has to file form 240. Whereas the same has been ammended to total turn over for the FY 2009-10.
25 December 2009
As per facts given in your query your sales comprises of export turnover only and there no other sales thus for FY 2008-09 there is no need to submit VAT 240 because vat is applicable if TAXBALE turnover is exceeding Rs.40 lacs during the year and meaning of taxable turnover exludes the sale in the course of export however FY 2009-10 it would be applicable as taxable turnover has been substituted by TOTAL turnover
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